How to print "Time" field in twig template
By default, it considers the entered time as UTC. So when we render the value of the time field, it prints the value according to the user's timezone.

I used below code to print the same value as entered in the backend

node.field_time.value|date('h:i A', 'UTC')

or we can also use false instead of UTC to get the same output without setting any time zone.