Yes, that was
the reason. They had a 4x colorburst crystal (14.31818 MHz).
They divided by three for the CPU clock, and by four for the colorburst.
Does that mean that IBM machines running PAL display rates had a
slightly different CPU clock frequency as the main crystal would be
different?
There's no such animal. All IBM PCs, XTs, ATs run at US video rates (for
example, 60Hz vertical sync frequency). There never was a PAL version of
the CGA card, etc.
It was possible to re-program the CGA card (there's a 6845 in the middle
of it) to give 50Hz vertical, and there were 3rd party encoder boxes that
plugged into the RGB output (the DE9 connector) and produced PAL video.
But they didn't use the motherboard clock for the subcarrier.
-tony