Short answer: yes.
I have many extremely expensive time keeping devices in my game, but only in certain lands where they have some clockwork technology developed (large scale not small yet).
My homebrew has many disparate technological levels ... one land is in a Renaissance period, focusing on arts, romance, honorable duelling, and they have developed black powder weapons (well the Gnomes of that land), and clockwork. They're working towards steam but for now they're not there yet.
However other cultures rely on magic heavily and have a timing spell that lasts for 1 hour/level. It keeps track of the time while it is in effect.
D