Does watch time really matter on TikTok?

Most of my videos have around 5% watch time and still do extremely well like this is one of my videos with 2.9% watch time and still got 3Million views and my other videos also got around that and still do 100s of thousands of views like I think at this point I really think watch time really does not matter as long as your content is good maybe it’s just me or the content I’m making but yeah I want to know does it still matter or nah? My TikTok account is @ItsZero I started that account 2months ago