I'm trying to use the timecode effect as a kind of stopwatch in picture for some race footage, but am having difficulty changing the last two digits of the timer from a frame count to milliseconds. Apparently this used to be possible as I've seen older threads discuss changing the timeline or program setting to "Show Audio Time Units", at which point the option for milliseconds is supposed to present itself in Effect Controls under Time Display, but I've had absolutely no luck getting it to work. Could really use some help.
The short answer is no, you can´t set it to milliseconds and it has never been possible.
Each frame is treated individually in any NLE so if you have 25 frames per second you cannot go to frame 1.6358 or frame 24.0125 since none of them exists. Setting the timeline to Show Audio Time Units is only helpful when editing audio that is not tied to a video stream such as when syncing external audio to video.