Right now we don't have support for field type Time in lighting-record-view, lightning-record-form and lightning-record-edit-form.
According to documentation of lightning-output-field which is used in lighting-record-view Time is not Support Record Type.
Same for lightining-input-field
As in lightning-record-form time field is not displayed in correct format instead it is displayed as value stored in database.
Right now workaround is to create our own Time display component and then handle different Locale type. It will be really helpful to have time Data type support for all these components.