> well defined deterministic execution model would mitigate some of these unpredictable state transitions.

The problem here is that giving a program access to high-resolution (non-virtualized) timers violates deterministic execution. Even without a high-resolution timer, the non-determinism inherent in shared memory parallelism can be exploited to make high-resolution timers. In short, one can use a counter thread to make a very high precision timer.

With high-resolution timers, the timing domain becomes both a potential covert channel and a universal side-channel to spy on other concurrent computations.