The Time Menu offers menu items to insert the macros that produce the corresponding time format.
The times displayed to the right of the menu items give you a preview of the times that would be produced right now. These times are of course computed when the expansion takes place.
The Short Time menu item inserts the macro for the current time, in the Short Time format.
The Long Time menu item inserts the macro for the current time, in the Long Time format.
The Custom Time... menu item starts the Custom Date Time editor, enabling you to combine macros to build the time in the format of your choice.