IMO, we are all capable of much more than we think. Any on bike measurement, I use is a signpost not a destination. This goes double for heart rate since it is flakey at best and has a host of bad things associated with the heart and if that is not enough, it is limited. Power production is unlimited although we all know there are practical human limits.
In timed events such as hill climbs, time trials and pursuit, I use power as an indicator of where I am versus what I am capable of. My goal in racing is to do something extraordinary on race day such that FTP well, that is just another number not a limiter.
For mass start races and track structured sessions, I do not look at the PM. Business as usual will not get the job done.