You're on the right track, but remember that each shiny frame is completely independent of the frames around it. So while it's true that there is, on average, one shiny frame every 273 seconds, outliers can be very common. From my own experience using the RNG Reporter, there are some cases where two shiny frames will be less than a second apart, as well as 30+ minute spans with no shiny frames at all.
So it might be inaccurate, or at least misleading, to say "there's a shiny frame roughly every 273 seconds," because the game doesn't look at groups of 8192 frames and choose one of them to be shiny; each frame is randomly decided with an independent 8192 chance.
Edit: Most of my experience with RNG manipulation comes from Gen 3, and as Fizz pointed out, may not apply to Gen 4 as much as I originally thought.