Don't think so, consider this;- Luton PPG 0.95 Barnsley PPG 0.92 The remaining game between us and Luton is therefore worth less than 2 points.... Whereas Leeds PPG 1.91 Fulham PPG 1.73 The remaining game between them is therefore worth almost 4 points. Any system which attempts to award points for the remaining games must (in my opinion) be based on awarding 0,1 or 3 points, as if the game were actually played. Of course that involves predicting the results for each individual game. All PPG does (apart from the odd team with games in hand) is preserve the table as it stands today.
OK, I didn't look at it that way because the remaining games are never played under the PPG! But I agree PPG method to determine the table and promotion, relegation and playoffs is not just farcical, it is flawed method and wrong.