Fractions are pretty good for quick ratios, which is why it's popular in carpentry, but I'd never call it "more precise" than decimal numbers. Anything that needs tighter tolerances than 1/16" is probably going to use metric measurements.

I will say that for most people it doesn't impact their life either way. If the Imperial system (or the modern American system based on it) were truly inferior they would have been replaced but it's mostly an issue in laboratories and engineering.