And if it is, why is IEEE reinventing the wheel?
I'd say its because PTP is an IETF product (the IEEE seems to spend a lot of effort being different for the sake of being different) but it just so happens that the same kind of protocol already exists as IEEE 1588.
(Of course, it probably escaped people's notice that 802.11 is a time based protocol, it needs synchronized timers in all stations on a network to make the protocol work. These timers aren't going to be much use for A/V time codes out of the box but it probably wouldn't take too much effort to extend it.)