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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.

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.