If you only want short/long presses and don’t mind the threshold being hardwired to about 0.6s, then yes, it can obsolete the off-time cap stuff. But if you want other thresholds or more than one threshold, you still need the OTC.
This thread describes the method in more detail:
I hope it’s okay that I made a version of STAR_offtime which uses memory decay instead of the OTC. People were requesting it and it was an easy change, so I made it.