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The rate of time increased or decreased just makes the time pass faster. E.g. you're wanting to harvest but it rains and are blocked from doing so. If you have nothing else to do just sitting there waiting for the rain to stop can take a long while at the lower time rates, so just speed it up and get to the next dry spell quicker. I find early game I'm more likely to use a sped up setting (when not doing contracts) just to wait for the crops to grow and get ready for harvest. Once you own more fields and you're a very hands on person, you'll find you need to slow the game down to prevent stuff from happening too fast like your crops withering while having been ready to harvest for too long.
Another use case would be if you hate nights and just want to farm during day time (though I guess you could sleep as well, Sleep Anytime mod highly recommended).
When playing with the season mod I guess speeding up time can help getting through winter a bit faster (provided you don't need take care of livestock and are just waiting for the new planting season).