Missing Time Machine Files caused by FSEvents Failure?
Yes.

It is known that FSEvents is the basis for Time Machine, and in fact Spotlight indexing as well before that.

In both cases, it acts as a tripwire for the relevant parts of your system, so that Time Machine knows what it needs to back up and Spotlight knows what it needs to index.

However, using FSEvents for backups does leave a tiny bit of room for error, as you have probably discovered. This old post from the Apple mailing lists details another idiosyncrasy.

Fseventer is a brilliant little app that can help you delve into the FSEvents world if you are interested.

At the end of the day, Time Machine isn't really considered professional-grade. It's brilliant for what it is, and I still use it, but I highly recommend pairing it with something like a weekly full disk clone (off-site if possible) for a more comprehensive backup strategy.