Frequently the "real life" chess clubs I used to play at had time limits of game/30, so clock time definitely becomes a factor. I recall I almost always used more time than anyone else, whether I had 500 ratings points more than them or they had that on me.
Back then I valued better moves over more time, but back then I could snap out reasonable moves when in time trouble anyway. Many times, they'd get flustered and try to match my speed in order to prevent me thinking on their time, but it worked against 'em: they were voluntarily playing as if they were in time trouble.
As I recall for 5 min/games or faster 1 min/games, time definitely assumes a prominent role. At that point, I'd just blast out moves because 30 secs was a lifetime...