To a degree yes it is the best we have, but my overall point is the fcat readings are taken from what's actually displayed on screen rather then what is rendered at engine/driver level to give an as-close to perfect representation of frame timing and perceived smoothness.
It could be the parts you feel drop and show as drop in frame times are merely just parts where the overall frame rate drops, i.e. dropping 120 to 60fps would show as a drop from ~7ms to ~16ms and the smoothness of mantle is more to do with consistent frame rates then times as in that situation mantle may only drop from 7ms to say 9ms.
Tbh, today I've learned quite a bit on this and my conclusion is that looking for accurate frame times is near impossible for someone that doesn't have deep pockets and a lot of time to do the work, so something unfortunately best left to reviewers, unless the capture card in question stops costing a grand
Oh and appologies for snapping, was just getting a bit frustrated