I think it is essentially a mixture of PTP and NTP now.
I guess this will work within the same local network, as the major inaccuracy of NTP comes from the asymmetric path delays at the network layer over the Internet.
PTP solves this by incorporating these hardware timestamps exactly. But this works only within the same LAN.
Here is an interesting PTP core:
https://github.com/freecores/ha1588
Yes it is "old" but that is typically fine with HW projects.