If I remember well, the 555 runs on 0.1 MHz. Enough to measure to 1/100000 s. And yes, the 555s are used in time measuring devices (with a 4026 to count the oscillation). You can always strive for better. Besides, there is no meaning to use 16-200MHz crystals to measure times long at most 1s. Not in a device with possible errors from off centre position!
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