That time thing which is right above the miles, is that the time of actual driving time or is it a clock? I tried looking through the manual briefly but couldn't figure it out.

I tried going through the options by pressing the button to the side which allows different things to be shown from mileage to a bunch of other stuff but couldn't figure out how to change the actual time.

 

Actual driving time.

 

It's engine hours, you can reset it by.... pressing the reset button.

 

From the manual:

Elapsed time :

The elapsed time mode shows the time since the last reset. The displayed time can be reset
by pushing the switch "O" for longer than 1 second. (The trip odometer is also reset at the same time.)

It's for keeping track of driving time during a trip. Personally I leave that display on the external temp.