Not if the full world state at that time is taken. Imagine it as an automatic periodic save (probably not viable performance wise though).
Considering all the variables that are active in a given mission, it just takes one not to be recorded correctly, to induce a butterfly effect.
Track Playback has been an issue ever since Flanker 1, the amount of variables to be tracked has exploded since then. Also, updates are far far more frequent, it is impossible to expect playback compatibility between versions.
A rambling, but productive discussion. :)
Nate