could this tool be used to capture a number of key routes and baseline number of hops and rtt time and alert if number of hops increase - or if rtt ttime increases over threshlod or SLA ?
It can. You can use the built-in search commands to determine the hops and rtt values. Below are a couple of examples of how you would use the app to monitor google.com.
This would get you the traceroute information for google.com (including the number of hops):
| traceroute google.com
This would get you the rrt time:
| ping google.com
The app includes a system for monitoring up-time of sites as well.