No, we don't know the distance between nodes (although we could deduce it).
But using timestamps, we can know the round-trip time.
See https://www.ohwr.org/project/white-rabbit/uploads/2b9d42b664... (page 9 and later for the principle).
If you want all the details, see https://ohwr.org/project/white-rabbit/uploads/6a357829064b9e...