@optech Depending on the higspeed mode used, the MT7688's UART may not be very precise at high baud rates. If you have a look at the MT7688 datasheet on page 157ff, you see that for 115200 there's a divisor of 14 (down from 26Mhz) for the UART clock (which is divided by 16 to get to the baud rate) when highspeed_mode=0.
So the effective baud rate you'd get is 26E6/14/16 = 116071.
I don't know what mode is used in uboot (and linux tty driver, for that matter), but I would not be suprised if it was the simple non-high-speed mode.
Apparently, FTDI chips (I only use those, because of no driver hassles for those on macOS) are a bit more tolerant than others to inprecise baud rates. So I never experienced this in my daily work (I have >1000 Omega2 based products in the field). However, for a project I had to calculate the exact sending time for a byte stream @ 9600 baud - which turned out to need adjustments exactly due to not quite precise baud rate…