I don't know much about how ftp works.
But if you check the source of the ftp functions, then you see there is no arguments passed, only a command called "CDUP", this command sent to ftp.
If you use 'chdir' PHP sends a command called "CWD" with an argument (the new directory).
Probably CDUP is faster, but no real perfomance change probably.
Source: https://github.com/php/php-src/blob/af6c11c5f060870d052a2b765dc634d9e47d0f18/ext/ftp/ftp.c
Line 490 - 536
If you want my opinion, i would go with CDUP.
Good luck.