Personally, I think the measure is misleading and not useful and that it is confusing for people who haven't thought about this stuff for a long time. I hope that MFMP do not use such an "instantaneous COP" on their dashboards in the future, just to avoid giving people false starts and having to rehash this stuff again.
To avoid misleading and confusion I think that it's better to talk only of the ratio between "Overall Energy OUT"/"Overall Energy IN" of the system at the end of test, avoiding any partial conclusion. Excess heat or excess energy is this and any significant chemical reaction producing heat should be taken into account.