Yes, STC parts have poor Timer-chain and timer capture choices.
Other 8051 vendors allow chain of two timers to 32b, and capture to 32b.
The addition of 8b prescaler helps, but it still limits you to 16b range.
The AI8051U adds back PCA with capture channels, and it can cascade from T0, but you cannot capture from TH0,TL0 so it falls just short of 32b capture ability.