The thermonuclear rate of the $^{42}$Ti($p$,$gamma$)$^{43}$V reaction has been reevaluated based on a recent precise proton separation energy measurement of $S_p$($^{43}$V)=83$pm$43 keV. The astrophysical impact of our new rates has been investigated through one-zone postprocessing type I x-ray burst calculations. It shows that the new experimental value of $S_p$ significantly affects the yields of species between A$approx$40--45. As well, the precision of the recent experimental $S_p$ value constrains these yields to better than a factor of three.