Normalized time is ranged from 0.0 to 1.0 (ie this is the percentage of the way through it is)
Time is ranged from 0.0 to the number of seconds of the last cue
In most cases it is useful to have the normalized version if you want to do a quick sync for a slider, but there are cases where you want to work with the time in seconds.
Perhaps we should rename the ‘time’ to ‘time in seconds’ to help clarify this point?