Time looks like it is real in either case since it marks things off. So maybe we have to wonder if our own consciousness is real.
Spacetime is very real and very much a thing. There are various thoughts around the arrow of time, that's it's tied to the expansion of spacetime, that's it's a measure of the increase of entropy in the universe and it will functionally cease to exists with universal entropy reaches 1, that it's related to the non-reversible nature of wave-function collapse or that there is an interelation between entropy and quantum decoherence that yet to be discovered.
No one knows, exactly. Still a mystery.