This entirely depends on the system you are running it on - there is no guarantee Python has any way of tracking time at all.
That said, it's pretty safe to assume you are going to get millisecond accuracy on modern systems, beyond that, it really is highly dependent on the system. To quote the docs:
Although this module is always available, not all functions are
available on all platforms. Most of the functions defined in this
module call platform C library functions with the same name. It may
sometimes be helpful to consult the platform documentation, because
the semantics of these functions varies among platforms.
And:
The precision of the various real-time functions may be less than
suggested by the units in which their value or argument is expressed.
E.g. on most Unix systems, the clock “ticks” only 50 or 100 times a
second.