Correct, we have no reason to think it's linked to the distances involved. The time function for subspace travel may not involve anything about realspace - it could be a traversal function on some completely separate array of connections.
Loathe as I am to invoke real-world analogies, the closest real physical analog - a wormhole metric - provides no connection between travel time and the realspace distance between the origin and destination.
My personal read is that intrasystem jumps are short but non-instantaneous and that node jumps are relatively long, but that the differences in travel times within each category aren't sorted by realspace distance covered. (The node transits in King's Gambit and Apocalypse are incredibly fast, as fast as any intrasystem jump, which is one major canonical data point - one I think is kinda of dumb, but it's there. Conversely the node transit in Good Luck takes ****ing forever, which supports the idea that transit time maps to some unknown variable rather than realspace distance.)
Of course, if you think it fits better to have realspace distance ~ travel time for your campaign, you're completely justified in that choice as well. As with so many things, it's completely up to what fits best.