Does this “Time flies like an arrow” mean “time flies quickly”?
Thanks

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Yes, that is correct

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https://en.wikipedia.org/wiki/Time_flies_like_an_arrow;_fruit_flies_like_a_banana
The original proverb that I am familiar with is simply, 'time flies,' or the variation 'time flies when you are having fun.'

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It's also the first half of a very bad pun - 
the second half is:

"fruit flies like a banana."

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Also it might mean, that flies of the time  are fond of an arrow

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Also it might mean, that flies of the time  are fond of an arrow

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