Yes, this is a big part of the stopwatch use.
I think the standard was anything over 3 to 3.5 seconds was considered slow and a good candidate to steal on.
You can time the entire process on a steal, pitcher delivery and catcher time to complete a throw to second.
This can be subjective though because depending on the pitch and location it's going to affect that time.
A breaking pitch in the dirt is going to be slower than a high fastball.
Whether a batter swings or not is going to make a slight difference.
The stopwatch use was like an early use of analytics that are used and sometimes to me overused as in shifts of all kinds on defense.
It's just something used to hopefully get an edge over the opposition.
Stealing signs was probably the earliest way to try to get an edge and of course still going on today.
It's all part of what people think is a simple game, it's really not if you know what is going on.
With every pitch somebody is communicating with somebody on defense and offense through signs and now modern technology.