What exactly is PINB | = 0b00000001;

digitalWriteFast uses direct port i/o
That is how it gets its increased performance.
But.... you must remember that it only does direct port i/o when possible due to the AVR instruction set and h/w register limitations.
So if your pin and your value arguments are not constants, you will still be calling digitalWrite() so you will see no increase in speed.

--- bill