Yes, it can. In fact, all adjectives relating to space can be used for time. However, "far" is rarely used for either. We don't say: It's far. We say: It's far away. So you will rarely hear it when referring to time. But it is still OK.

"distant" and "remote" can be used to refer to something far away in time: Distant events, remote past

Wing, I don't know if this answers your question, but here are a few ways of expressing close and far when describing time. And yes 'far' can be used with time. What time is it? It's close to 5 o'clock. It's almost 5 o'clock. It's near 5 o'clock. It's a short time before 5 o'clock. It's far from 5 o'clock. 5 o'clock is far away. It's way before 5 o'clock. It's way after 5 o'clock. I'ts long before 5 o'clock. It's long after 5 o'clock. It's a long way from 5 o'clock. It's a long way to 5 o'clock. It's a long time to 5 o'clock...It's a long time before 5 o'clock... It's a long time after 5 o'clock. There's a long time before 5 o'clock. 5 o'clock is way off. 5 o'clock is a ways off. (idiomatic usage) 5 o'clock is long gone.