The site is not down. It is late. Performance monitoring is the check for that gap. Oh Dear already fetches the URL from its own servers every minute for uptime, and it stores how long each of those requests took. You set a budget in milliseconds and a sudden-change percentage, so a slowdown does not go unnoticed while uptime stays green.
You are not waiting on a visitor to complain, and you are not waiting on yesterday's Lighthouse run. You are looking at the request Oh Dear just made.
This is one check inside website health monitoring. It does not replace website uptime monitoring, and it does not score the page the way Lighthouse SEO monitoring does. It asks a narrower question: is this URL still fast enough, and did that change?
You already get the 2am down alert. This is the slower failure, where the site works and the ticket still arrives.