1.
a. : the time as indicated by the clock
asked him what time of day it was
b. : the present time
it is unnecessary at this time of day to argue that the world is round
2.
a. : the state of the case : the true situation
he's been here long enough to know the time of day
b. : the latest fashion
has long set the time of day in … champagnes — New Yorker