Every tool in the ArcGIS Pro tool reference was attached to the same structure; understand the structure, and you'll be able to use any tool effortlessly. Frequuency ratio usually is use in disaster management for example Flood Assessment, Bush Fire, land slide, Soil Erosion etc
We usually undertake frequency studies using a whole bunch of tools. Frequency analysis is mostly carried out within general modelling tools, from the simplest (excel, open office calc) to more advanced (octave, Matlab, and many other general or specific statistical package) or even directly coding our own preferred solution (python, within Spyder or any other IDE is most common nowadays). The thing is, you have to understand your data, and then fit your data to a model. Mapping, usually requires some further modelling outside GIS, such as HEC-RAS, IBER, Mike... ArcGIS (or QGIS or any other GIS-software) usually comes to play when you already have your flood-prone areas, so you may continue performing further spatial analysis. If your approach is not quantitative, but qualitative, you may need to define your own method, but there is already a whole written about how to undertake flood hazard studies (including the qualitative or susceptibility approaches). Even so, GIS may not be the right tool for the whole job. Best of luck.
I recently read an article on flood modeling with GIS to evaluate the predictive performance of frequency ratio (FR), logistic regression (LR), and weight of evidence (WoE) With DOI address: 10.1080/19475705.2017.1362038