[morei]

Not quite: Truetime has guarantees about ordering, rather than accuracy.

If you ask for the time and get A, and then ask for the time again and get B, then Truetime guarantees that A is less than B.

Obviously, in a distributed setting this is much easier to do if you have accurately sync'ed clocks, but that accuracy goes to reducing the uncertainty in the time (and hence making truetime faster) rather than providing accuracy.