No, it does not beat Time-of-Flight measurement. What it does achieve is keeping GATT response latency within normal ranges, so that the GATT response latency cannot be reliably used as an indication of relay attacks. GATT response latency can vary by tens of milliseconds, whereas Time-of-Flight is usually measured in microseconds or nanoseconds. Unfortunately, Bluetooth LE alone lacks a mechanism for time of flight measurement in secure ranging, hence why technologies like UWB are needed.