Accelerometer based performance meters are inherently very accurate. Whether it's the accelerometer in your car, cell phone or the ones in the guidance system of a multi million dollar guided missile it's the same technology.
That being said there will be some differences between what you get on the 1/4 mile track verse the meter. The meter starts timing the split second the car moves. At the track the timing starts when the wheel brakes the lights which will vary depending on how deep you stage. Not sure what the one in the Mustang does but at the track your trap speed is the average over the last 60 feet. I have seen these meters that report the trap speed at the end of the 1/4 and some that will give you the trap as an average of the last 60 feet.