It is certainly true that when we are enjoying ourselves time flies, it passes very quickly. However, when we are bored, time drags, that is to say, it goes by really slowly:
When I’m on holiday time flies, but when I’m at work, time really drags.
We often lose track of time (“perder la noción del tiempo”) when we are completely absorbed in what we are doing:
He was surprised by the sound of the shops closing as he had completely lost track of time working on his computer.
If we spend time doing nothing, we may have to make up for lost time (“recuperar el tiempo perdido”):
The hot summer months made her feel lazy, so with the first rainy days she decided she would make up for lost time.
In this case we might say: Better late than never (“Más vale tarde que nunca”).
And when we do something at the very last moment, we use the expressions in the nick of time and at the eleventh hour (“justo a tiempo”).
They managed to hand in the project in the nick of time/at the eleventh hour, five minutes before the deadline.
To learn more vocabulary related to time, go to Module 9, Unit 1 in this app.