muchas veces = many times mucho tiempo = much time

I agree with Su.Ki. 's answer. Also, "time" is only countable when you are using the word to mean "instances" or "occasions." So you can say "I went to the zoo three times last year," or "He watched the movie many times." But if you are talking about time as a general concept, it's non-count, so you have to use "much," e.g., "He spent too much time shopping for shoes," or "I don't have much time."