"We are all out of time" means that all allotted or available time has elapsed, and no more time remains to finish a task, activity, or discussion. It is used to signal that a deadline has passed, a meeting must end, or a crucial moment has arrived requiring an immediate halt to action. It implies a finality, often indicating that it is too late to do something further. Difference from "running out": "We are out of time" means no time is left (time's up), while "running out of time" means time is almost gone. Contexts: Used in business to end discussions, in school settings for tests, and informally to state that a deadline has been missed.

It can mean that. But it can also mean that every person is out of time. All can be an intensifier meaning 'completely' or it can be an intensifier meaning 'every person' (similar to 'both' but for more than two people.)

Adding to what others have said already, to me this phrase sounds more like someone is emphasizing that the group as a whole has run out of time.

You are exactly right! In this phrase, 'all' is used as an intensifier to mean 'completely' or 'entirely'. Therefore, 'We are all out of time' simply means 'We have completely run out of time'. It is a very natural, professional phrase to use when wrapping up a meeting or presentation.

=to not have enough minutes, etc. available it has the same meaning as : time's up / we re running out of time / we have no time / there is no time / no more time /we have no time left