For the Cortex series, at least -- a full trace probe will give you a buffer that allows essentially realtime instruction view, global, long-term recording of all executed instructions and memory accesses, etc. (I imagine the same idea is prevalent among all tracers, modulo whatever vendor-specific addons they have.)

An example are SEGGER products -- their ordinary JLink products (JTAG/SWD) vs their J-Trace series (dual Cortex Trace/JTAG) -- https://www.segger.com/jtrace-pro-cortex-m.html -- The difference is somewhere in the realm of $1000, in this case (plus some other CPU support differences). Their tools are even fancy enough to reconstruct the instruction trace back into live code coverage/profiling reports (using the DWARF information). Your IDE "populates" the report live as the trace comes in.

(As a side note, SEGGER makes an excellent and affordable JTAG probe if you're new to embedded stuff like me and using ARM systems. It's a standard probe but comes with a _lot_ of very useful features and is standard GDB-compatible -- the RTT features are much nicer and faster than printing over UART/SWO, for example. The non-commercial, basic version is only $60 too, so it's very affordable. I have one along with my BusBlaster for OpenOCD setups.)

I wondered briefly whether it would be possible to get cheaper open-source trace tools, like the very reasonable Olimex devices. Then I looked at the maximum trace output speed of 600Mbit and noped straight out again; far easier to pay the $1000 than try to design my own system to manage that.