For an application connecting from PHY to MAC or PHY1 to PHY2 (back to back phy)
The RMII 50MHZ is coming from PHY1.
The set up and hold time at PHY2 is measured with respect to the 50MHz clock coming from PHY1.
If the length of the traces between PHY1 and 2 is 6 inches, then both Clock and TX signals are delayed by the same time. Basically no loss in timing budget.
But in case of PHY2 to PHY1, do you still measure setup/hold time with respect to the 50MHz clock of PHY1?
This would eat up significant timing margin.