The JACK Transport API does allow the time master client to provide information about position as denoted in musical time.
However, the people who developed JACK (which includes me) felt that it would be impossible/too hard to design a tempo map data structure that would serve the needs of, or integrate with, all possible clients, so we decided not to try to do that.
In retrospect, this still seems largely correct to me. Clients with simple-minded (correct, but simple) ideas about tempo and meter will not be able to deal with tempo ramping (accelerando and ritardando). Clients with more complex ideas about tempo will need those sorts of features.
Ableton Link, which has an open and well-documented API (and even a bridge to Jack Transport c/o Rui), demonstrates a better idea about how to keep a set of distributed "nodes" in sync with each other. It has some of its own limits too (instantaneous substantial and musically meaningful tempo changes and the like can be a problem).