There is no such independent phenomena as "time":
"Time is a part of the measuring system used to sequence events, to compare the durations of events and the intervals between them, and to quantify rates of change such as the motions of objects"
So when Allaah said that "I am Time", He explained in the exact same Hadeeth Qudsee as to what that means. It means that He is the One who causes the alternation of day and night, He is the one that sets things into motion. Time is not an independent force that acts independently. In reality, time is simply our perception of something that is in reality in the Hands of Allaah.