Traceroute doesn't see 90% of the machines your packet passes through. When your packet leaves a router at some-pop-some-port-wherever, that fiber isn't usually the same piece of glass that plugs into the next hop. There's a whole chain of amplifiers and possibly multiplexers that handle it between here and there. Some of those provide reliable transport service, giving you the illusion of a fiber that never breaks,…
Traceroute also doesn't show VPNs or other transports.
But it shows the TCP hops and the timing, thus gives me the tools to see who to call or which routing table or wore to analyse or fix. When doing that I got to lok at that connection.