No. Look at the graph -- the offset when extrapolated back to zero length is the PHY's contribution.
The differing slope of the lines is due to velocity factor in the cable. The speed of light in vacuum is much faster than in other media. And the lines diverge the longer you make them.
The differing slope of the lines is due to velocity factor in the cable. The speed of light in vacuum is much faster than in other media. And the lines diverge the longer you make them.