The Time field picks a time of day: an opening hour, the start of an event.

Configuration
Go to Modern Fields > Fields groups and add the Time field. Its settings are in the inspector:
| Effect | |
|---|---|
| 12 hour format | Shows the time in 12 hour format instead of 24. |
Display the time
The field stores the time in 24 hour form, such as 14:30, whatever the format shown in the field. Read it with get_field() and format it with the settings of your site: