@rgr The timecode reads the time along the track, just because you pause an event/video (frame freeze) everything doesn't come to a halt, the image on screen maybe frozen but the video is still playing & time is still passing.
If you want to control it in that way render out the Timecode as a ProRes or similar with an alpha background & re-apply it to your project as an overlay, you can then pause or speed it up as much as you want.
@rgr, actually it DOES work when applied to the media. Change the playback rate or add a velocity envelope and the timecode will change based on the speed but it will be the timecode of the CLIP. But, you are correct, it will not apply over multiple events.
@EruDebu Your post has been hidden as it does not relate to the subject of this thread. Also you have duplicated your comment in several threads. Please avoid duplicate postings. Community Rule 3 refers. Thank you.