A CICS threshold is set up for FCVSWTT variable, but this did not fire when excessive VSAM WAITs of type FCPSSUSP occurred, so it seems that this variable is only monitoring type FCSRSUSP waits.
Is there any threshold for FCPSSUSP VSAM WAITs?
Release : 16.0
Component : SYSVIEW
The SYSVIEW metric FCVSWTT is sourced from the CICS performance data group DFHFILE 427, as one can read on the VAR CICS command output.
IBM documentation describes this field as "The elapsed time in which the user task waited for a VSAM string. This field counts time spent waiting on resource type FCPSSUSP or FCSRSUSP.", see "Performance data in group DFHFILE" section of IBM CICS Transaction Server for z/OS 5.5 documentation.
So, the answer to the question is that the FCVSWTT metric monitors both wait types: FCPSSUSP and FCSRSUSP.