When it is used
Like dates, times are never guessed. Add data-type="time" to the element holding the token to opt in.
Use it for opening hours, session start times and the like.
Example
Add data-type="time" to opt in:
<span data-type="time">{doors_open}</span>In the editor
In the editor this is a time picker.
Combine it with a date field when you need both a day and a time.