Yes, that is correct

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.'

It's also the first half of a very bad pun - the second half is: "fruit flies like a banana."

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

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