There are two situations: camera in trigger mode and camera in streaming mode. Most drivers operate in trigger mode in which case the exposure time is what it says (provided the driver behaves). Then there is a wait while the image downloads and guiding takes place. Some drivers introduce unwanted latency before triggering the image on top of that.
Streaming mode is more complicated. The driver sends a stream of images at whatever frame rate is set and PHD2 picks up and stacks as many as it can in the interval set by the exposure time.
Recently the ZWO driver in PHD2 switched from video to trigger mode as video was causing issues from trailing
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