Making serverless computing widely applicable requires detailed understanding of performance. Although benchmarking approaches exist, their insights are coarse-grained and typically insufficient for (root cause) analysis of realistic serverless applications, which often consist of asynchronously coordinated functions and services. Addressing this gap, we design and implement ServiTrace, an approach for fine-grained distributed trace analysis and an application-level benchmarking suite for diverse serverless-application architectures. ServiTrace (i) analyzes distributed serverless traces using a novel algorithm and heuristics for extracting a detailed latency breakdown, (ii) leverages a suite of serverless applications representative of production usage, including synchronous and asynchronous serverless applications with external service integrations, and (iii) automates comprehensive, end-to-end experiments to capture application-level performance. Using our ServiTrace reference implementation, we conduct a large-scale empirical performance study in the market-leading AWS environment, collecting over 7.5 million execution traces. We make four main observations enabled by our latency breakdown analysis of median latency, cold starts, and tail latency for different application types and invocation patterns. For example, the median end-to-end latency of serverless applications is often dominated not by function computation but by external service calls, orchestration, and trigger-based coordination; all of which could be hidden without ServiTrace-like benchmarking. We release empirical data under FAIR principles and ServiTrace as a tested, extensible, open-source tool at https://github.com/ServiTrace/ReplicationPackage.