Sort of -- the problem I see in the event time / processing time distinction is that it's about instants rather than intervals. There are a number of models and queries that are not reliably expressible with instants alone, unless you reinvent intervals with them.

For example, if I rely on "updated-at" and infer that whatever record has the latest updated-at is the "current" record, then I may create the illusion that there are no gaps in my facts. That may not be so.

A reference system to look at is Crux: https://opencrux.com/