Does the variance of the latency for the three ICMP messages sent back for each hop in a traceroute help to troubleshoot issues?
ICMP message are sent by a router when the router gets around to it. The primary function of a router is to route packets, not send ICMP messages. A router will put off sending an ICMP message if it is busy routing.
The latency in the messages doesn't really tell you much of anything, although you may be able to infer a busy router if one of the intermediate routers has a latency higher than the end router.
Traceroute is supposed to help you troubleshoot the actual path taken against what you think the path should be.