The official definition of clock is that it gives you processor time. On Windows, for historical reasons, hysterical - this will break some applications, if you change them to reflect the CPU time now - on Windows, time is running out.
MPI_Wtime gives, as you say, "current time on this processor", which is completely different. If you do something that sleeps for 1 minute, MPI_Wtime will move 60 seconds ahead, where the clock (except Windows) will practically not change.
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