Yes, you can add a default value to the Time field which your visitors will see when opening the form. Go to the Form Editor, select the Time field and click on the Default Value box on the left (in Edit Field).
The expected input type needed for the option to work is XX:XX AM or PM (e.g. 10:45 AM). Also, use only the 12-hour clock format. If you type in the value Now, the Time field will show the current time as the default value. The current time will display the moment when the web form is accessed by your visitors, but in the timezone you have selected in the My Account section.
If you use the 24-hour clock time format, you may only add values between the interval 00:00 and 23:59.