In a clinical trial, a researcher models the hazard function as $h(t) = h_0(t) \exp(\beta X)$. If the estimated coefficient $\hat{\beta} = 0.5$ with a standard error of $0.2$, and the researcher claims that the relative risk of the event for a unit increase in $X$ is $\exp(0.5) \approx 1.65$, which of the following best characterizes this estimate in the frequentist framework?