Number of nodes is not a particularly good measure - model (or algorithm) A can inspect fewer nodes than model (or algorithm) B but take much longer because each node takes longer to process.
A fairly typical way to compare two models for the same problem (or two algorithms for the same model) is to run both on a set of test problems and plot the mean incumbent value and mean bound (or mean incumbent and mean gap) for each against time. I think there's a general preference for the geometric mean over the average mean in both cases. Assuming that the reformulation is valid (not going to give an incorrect solution) and not any more prone to numerical stability problems, that should be enough. If there is some concern about the new formulation eating more memory, you could address that by also plotting mean memory consumption v. time.
If the reviewers say that is not enough, then it is fair for you to ask the editor (or associate editor) to ask the reviewers just what sort of evidence they would want ... or just switch to a different journal.
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