The interpretation of the colors and their relation to emotions are subjective. Emotions can also affect time. Time seems to pass faster when we are happy or distracted than when we are sad or waiting for something.
When we think about an hour, we do not remember everything that it happened in that period, but we abstract the distance or interval between the beginning and the end of the hour. Time is an abstract but objective distance; the space is concrete. With age it makes easier to us to abstract longer time periods each time.