Correct, the Time attribute determines how many turns it takes to build something. That number is modified by the gamespeeds among other things to determine the final value.
You could also use "<WorkRate>100</WorkRate>" in the units table if you are modifying/updating a worker, explorer or a new unit you are building that builds things, I created an advanced explorer unit that can build basic transport and clearance improvements faster than a worker. Notice the little adjustments like movment, cost, base sight, extra expedition and no maintenance
<UnitClasses>
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