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Each timer represents the statistics for that particular question only in terms of % correct and % wrong. It is possible that there is a relationship of some sort that works out that way.

While the question alone provides stats for the % of questions right/wrong, the collective group of questions determines the individual question difficulty. For example, a question is identified as hard based on the difficulty percentile ranking vs all other questions of that type (e.g. PS. or DS or CR or SC or RC).

Therefore, technically a timer will tell you 2 things:
1. How the question ranks vs. other questions and gives you an idea how hard/easy it is
2. How people have performed on that particular question
P.S. Over 1,000,000 timer attempts are made each month

Thanks,
B.