Timefield [entityform:field-name:value_formatted] token not working in Rules
Since this problem seems to be a bug, and just in case someone else runs into this issue, there is a workaround you can do within Rules to get the formatted value of the time field. It involves:


Enable the module PHP filter 
Use the action Execute custom PHP code to run a PHP snippet that calculates
the formatted value using the raw value provided by the token