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CALayer.ConvertTimeFromLayer() incorrectly specifies double 'rect' as a parameter. The double value passed in is a time value, got from CAAnimation.CurrentMediaTime(), not a rectangle. It's just the naming that causes confusion, the actual method seems to work ok.
You're right  it should be named `timeInterval`. It looks like a copy-paste error, I'll check if there are others and fix this for future releases.
Fixed. Thanks for reporting it.
QA: unit tests in master
note: It will likely be back ported to 5.2 (once something else is fixed)