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It jolly well is measuring a frequency; specifically, the frequency of a microwave oscillator. That oscillator is locked to the absorbtion frequency of caesium atoms in a "fountain".In principle, you could have the events that control the frequency of the oscillator happen as seldom as you like- once a day or whatever. In practice they happen very frequently, but that's just for engineering reasons. They certainly don't happen exactly 9 point something billion times a second.
so geezer to which category do you most identify with?
The only exceptions that I can think of are gravitational ones based on the rotation of planets etc that use periods of about .000078 Hz and quite accurate.