Yes, that is a good translation. 쫓다 is "to chase", and 쫓기다 "to be chased (by something)". When you're running out of time, the deadline is approaching and you feel as if you're being chased by it since it is coming closer and closer. Hence the 쫓기다 expression. So either "pressed for time" or "up against time" would be a good translation.