If Krishna tells us “Time I am”, this gives us an understanding of how we should respect time. Because time is an energy of God, a manifestation of God. To appreciate Krishna, to appreciate how he reveals himself to us is how we make spiritual progress. When we come before the altar, within a temple, we're very careful what we speak, what we do, how we relate with other people. For many we bow down when we come before the altar of the temple. Because we understand God's presence is especially there. In 11th chapter of Bhagavad Gita, Krishna personally declares that he is time. That means each moment is God's gift to us. And we have the freewill to reciprocate with that gift. That time in the day, to hear about, to glorify, to render loving service, to remember the supreme lord, then with every rising and setting of the Sun, we come closer to eternal life.