And the usage always seems to involve a number between 100 and 200: "a buck fifty" and so forth (the term seems to be wedded to the indefinite article: "a buck something ").
Now that you have mastered our Let's Get Fit counting to 100 by 1's, take on the challenge of exercising your body and brain in this numbers song that will have you counting all the way to 200.
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The flow rate increases 100-fold (one hundred-fold) Would be a more idiomatic way of saying this, however, the questioner asks specifically about the original phrasing. The above Ngram search would suggest that a one hundred has always been less frequently used in written language and as such should probably be avoided. Your other suggestion of by one hundred times is definitely better than a ...
As you note, "percent" means "for every hundred," so there is nothing at all wrong with percent values greater than 100 when discussing proportions, e.g. profits increased by 120%. Like fractions, however, percent values are longer to express than multiples, so for values much greater than 100 you may hear them less frequently: