We're halfway through the book so my takeaways my differ by the end. But it's possibly the most densely packed book I've read. Will definitely require future rereading.
random nit (obviously not having read the book): I would say p99 behaviour can be captured in profiling, it's just going to be the p99 of the profiles. E.g. if you sample 10,000 stack traces out of your executable, 1% of those are going to be in that p99, sort of by definition. Tracing through requests (e.g.) is useful but I wouldn't make as strong as a statement as that's the only way of understanding p99 performance based on my experience.
Profilers also say nothing about queueing, and can very much mislead you if you care about latency in specific.
If your "slowness" is driven by a single function (or made of truly uncorrelated events), you can accurately measure your tails with a profile. If not, a trace will give you meaningfully more information.
Your slowness is always a function of the underlying building blocks, their performance distribution and bottleneck. And sure, two 90th percentiles can make for the 99th percentile. A profiler won't magically convey the information about what sequence of operations a request is doing under the hood.
I agree that having visibility into the requests via tracing can help zoom in on the problem. But so can having metrics on the underlying systems, e.g. if you have a queue in your system you could look at the performance of that queue.
I'll admit that most of my experience is tuning for maximal throughput rather than a given percentile, usually systems with high performance/throughput yield a much flatter distribution of latencies at a given workload. A rule of thumb. I also tend to think about my "budget" in the various parts of the system to get to my desired performance characteristics, a luxury you don't have on "legacy" systems you need to troubleshoot some behaviour on where tracing also lets you get a "cut" through the stack that shows you what's going on.
have a look at kutrace [https://github.com/dicksites/KUtrace]. it does.