The simple answer is "Yes, looking at /BTC is very important, even better than /USDT." In a Bull market most decent alts will show gains vs USD, and /BTC is
more important to know if you are gaining or losing your
BTC holdings.
Why choose /USDT instead of /USD? I cannot think of any reason to study movements related to a dangerous, un-audited scamcoin (way over-due to collapse) when you can study vs a dangerous, fiat currency also over-due to collapse dramatically.