Sorry, this is definitely wrong. Recent mwan3 can use ping to detect problems with internet access. Just a question of configuration. Thus, it detects connections problems, like you decribe for "failover".
Modern mwan3 switches to other interface, in case it detects "disconnected", which means, configurable number of failed pings on actual highest prio interface. Switchover (also) done using packet marks, and special routing.
I have to admit, that I am running official openwrt on a large fleet of RU955, having 3 interfaces for failover (wan, wifiwan, wwan), managed by mwan3. May be, the Teltonika stuff uses an outdated, very old version of mwan3.