If the question is specifically about Linux, the kernel does use Decrementer.
It registers Decrementer as a standard clock event device. Related code can be found in
arch/powerpc/kernel/time.c, arch/powerpc/kernel/head_fsl_booke.S and
arch/powerpc/kernel/head_booke.h.
More information on clock event device and related concepts can be found in
Documentation/timers/highres.txt