I never saw a need for this in HFT. In my experience, GPS was used instead, but there was never any critical need for microsecond accuracy in live systems. Sub-microsecond latency, yes, but when that mattered it was in order to do something as soon as possible rather than as close as possible to Wall Clock Time X.

Still useful for post-trade analysis; perhaps you can determine that a competitor now has a faster connection than you.

The regulatory requirement you linked (and other typical requirements from regulators) allows a tolerance of one second, so it doesn't call for this kind of technology.