Ok, I've run simulations with the two methods with different update
intervals and jitter/wander ratios, and compared the pairs of the RMS
time error and frequency error. The differences are in dB (20*log10).

u\jw | 1e0 | 1e1 | 1e2 | 1e3 |
2^-7 | -24 -18 | -30 -29 | -35 -40 | -32 -41 |
2^-6 | -20 -14 | -25 -24 | -31 -35 | -33 -42 |
2^-5 | -15 -8 | -21 -19 | -26 -29 | -30 -39 |
2^-4 | -10 -2 | -15 -13 | -20 -23 | -24 -33 |
2^-3 | -6 3 | -10 -7 | -15 -17 | -20 -28 |
2^-2 | -3 7 | -5 -3 | -11 -13 | -16 -24 |
2^-1 | -2 5 | -2 -2 | -7 -13 | -12 -24 |
2^+0 | -1 0 | -2 -5 | -7 -17 | -13 -28 |
2^+1 | 0 0 | -0 -1 | -6 -13 | -11 -24 |
2^+2 | 1 0 | 0 -1 | -3 -8 | -9 -20 |
2^+3 | 1 0 | 0 0 | -1 -2 | -6 -15 |
2^+4 | 1 0 | 0 0 | 0 -1 | -4 -10 |
2^+5 | 1 0 | 1 0 | 1 -0 | -1 -4 |
2^+6 | 1 0 | 1 0 | 1 0 | 0 -1 |
2^+7 | 0 0 | 1 0 | 1 0 | 0 -0 |