You have posed the question so well that there's not much to be said in response, except: "Yeh, who knows?"
In physics, as in every day life, time is nothing more than the number of repetitions of an oscillator, or orbits and turnings of a planet, that accrue while an event is being "timed." That's it; there's no more to it than that! So much for our formal understanding. The concept of "verb," and particularly the verb "to be," seem to imply more than this, but if nothing happens, and nothing is there, what then?
I might add that relativity's view of time as a 4th dimension adds no insight; it just facilitates a neater formalizing of the mathematics.
Psi phenomena demonstrate how primitive our understanding still remains, in spite of our marvelous harnessing of what we do know in the form of gadgetry. We're great tool makers but poor philosophers.