What do you call "one hundredth of a second"?

I don't know anyone who would call this a five centiseconds... 50 milliseconds maybe.

It would normally be pronounced fourteen point oh-five seconds.

Edited to add: Differences maybe given in hundredths of a second.

Whatever you wish to call the unit (I normally call it a hundredth of a second), you seem to be confused about measurement. The record is 14.05 seconds, or if you prefer, 1,405 centiseconds/hundredths of a second.

'jiffy' NYTimes mini-crossword Sept 9, 2020.

The term "jiffy" is sometimes used in computer animation as a method of defining playback rate, with the delay interval between individual frames specified in 1/100th-of-a-second (10 ms) jiffies, particularly in Autodesk Animator .FLI sequences (one global frame frequency setting) and animated Compuserve .GIF images (each frame having an individually defined display time measured in 1/100 s).
[Wikipedia]

Strictly speaking, it is correct to say that one hundredth of a second = 1 centisecond as explained below although the word "centisecond" is rarely used in common language.

It will help to first understand that ..., micro, milli, centi, deci, deka, hecto, kilo, mega, giga, ... etc. are nothing but some of the most commonly used mathematical prefixes of Metric/SI System to arithmetically modify the magnitude of basic units of measurement wherein,

milli = one thousandth (1/1000)
centi = one hundredth (1/100)
deci = one tenth (1/10)
deka = ten times (10)
hecto = one hundred times (100)
kilo = one thousand times (1000)
and so on.

When these prefixes are attached with any unit, they modify the magnitude of that unit by their respective values as shown above. So, 1 centimeter = one hundredth (1/100) of a meter, 1 centigram = one hundredth (1/100) of a gram, 1 centisecond = one hundredth (1/100) of a second, although centigram and centisecond are hardly used.

Similarly, 1 kilometer = one thousand (1000) meter, 1 kilogram = one thousand (1000) gram, 1 kiloliter = one thousand (1000) liter.

So, as far as the question of using a single word for "one hundredth of second" is concerned, we are left with only two choices: either we all agree to start calling it "centisecond" (and why not, when we already use terms like millisecond, microsecond, nanosecond etc?) or continue to call it "one-hundredth of a second" because we are too afraid and/or prejudiced and/or conservative to use an uncommon term like "centisecond"!

Additional Note:
(1) Note the significance of the two prefixes "deci" and "deka". They are sort of "landmark" prefixes in the table of prefixes because all other prefixes including "deci" and beyond viz centi, milli, micro, ... etc indicate values smaller than 1. Likewise, all other prefixes including "deka" and beyond viz hecto, kilo, mega, ... etc indicate values greater than 1.

(2) When someone is reading 14.05 second as "fourteen point oh five second", it should be understood that the two digits "05" pronounced together after the "point" automatically mean "hundredth" in the Decimal System of Numeration that we follow worldwide.

(3) To distinguish that one is reading / saying that part of the number which is lesser than 1 basic unit, the digits following the decimal point are pronounced one by one. So, the number 12.35 is pronounced as "twelve point three five" and not "twelve point thirty-five".