Rectify both the signal and the ref along with their noise components _then_ divide.
Since there are no humps from multiplying two in sync signals as with lock in, only the noise needs to be smoothed. The time constant could be lower, much much lower at low noise levels.
At high noise levels the time constant would increase but it would it would always remain below lock in.
Rectification quotient sync is superior to lock in for every application.
Bret Cahill
"Fun is the father of invention."
-- Bret Cahill