You would have to create another field — a formula field — that extracts the time from the date field. For example, something like this:

DATETIME_FORMAT({Date Field}, 'h:mm a’)

You can do it all in one formula field. Use the CREATED_TIME() function to return the created date/time, and then format it to show only the time.

DATETIME_FORMAT(CREATED_TIME(), 'h:mm a')

You might also want to specify a time zone:

DATETIME_FORMAT(SET_TIMEZONE(CREATED_TIME(), 'Australia/Sydney'), 'h:mm a')