Exactly.
Nobody can guarantee if high resolution timers will work or will really be high resolution at all.
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This is not a unique fault of time-based updating. Tick based updating depends on having a high resoltution timer also, how else can you keep a constant time between frames…
The multiplayer aspect is the only thing I see as a disadvantage. I’m running into that problem now. I plan to overcome it by taking advantage of the fact that updates are very quick compared with frame draws (2500/second for my game). This is the solution I’ll soon implement:
Update by the time from the last update time to the next millisecond time divisible by 5. Do this until the addition of these update times is within 5 milliseconds of the current time. Then update by the time that remains until the current time and draw & display the frame. Repeat.
For rotation the server and client will get slightly out of sync because of the sub-5-millisecond updates required before and after frame draws. However, with my particular game design the server resends its whole game world to clients who replace theirs, so the small out-of-sync errors will be corrected.
You may say that this design depends on being able to replace all clients’ game worlds with that of the server, but even with your tick-based games, this will be needed because of floating-point rounding differences between server and clients.