Content from Last 48hrs

I wouldn't say it doesn't matter, but yeah it's not a big stressor. I do think it detracted from the experience in that when you like beat a boss and changed the state of an area it didn't stick, so it discouraged me from engaging with the changes to the world because I didn't want to have to go back and fight the boss again to re-trigger the change (even though you can skip the dungeon to do so). I still liked the game but I do wish there was some way to make those things stick, or at least make them be activated just by like interacting with a statue or something instead of having to fight the boss again.

Majora's Mask is my favourite Zelda game, by far. The time thing doesn't matter. You are basically playing as Phil Connors in Groundhog Day. Skills/abilities you learn (songs, masks, etc.) carry forward (or rewind depending on your pov) with you to the next (or last) run through. IIRC you can eventually unlock a song that skips forward (or back) to the start of the loop. Most of the quests will have a sort of soft checkpoint, where you learn a thing that allows you to pick up midway through. Once you get over the heebie-jeebies of being "on the clock" you realise time doesn't matter.