"To not feel...still" is actually not a sentence. It is a subordinate clause because it has no subject.
To answer your question, you can omit "standing" but the word "standing" does improve the sentence. Time is never still. It is always moving. However, it can "seem" still, or it can "feel" like it is standing still. It can also "feel still" but by adding "standing" you create a more colorful image: time is moving along and then all of a sudden stands still! The image is more vivid that way.