Right, so control-plane packet rates are rate limited (to some definition of sane), but they are applied to all applications, traceroutes, pings alike.
An argument could be made for a device configured as such to show loss on ping but not on mtr if you configure the rate limits so that the icmp reply rate is lower than ttl expired rates. Which tool would be wrong than? Would you blame ping for producing misleading results?
The running counters and the ability to pick out the obvious rate limiting when the loss doesn't cascade into the hops to me is akin to traceroutes * * * output. It doesn't always mean that the packets are blackholed, connectivity is broken, it just means the tool is producing an artifact due to network configuration or network characteristics. Further investigation is needed to figure out what's going on.
MTR imho is giving you much more insight into the network than traceroute or ping separately. It doesn't resolve the usual firewall/rate limiting artifacts, but gives you way more information about paths if you know how to interpret them.
