From what I've seen Time Arcana gives:
A shadow backdash that can absorb a hit and leave the opponent unable to cancel the attack that hit the shadow.
That teleportish ground homing cancel.
That slow fireball that seems to nullify other fireballs?
The time super that has a lot of hit stun initially then freezes the opponent after it ticks down to zero, it goes away if the arcana user is hit.
The Arcana super that after a sorta longish activation time freezes the opponent in place and you just keep hitting them till time runs out. They don't move but take all the damage as normal? I saw a Kamui player do like 2 of those air slash supers and continue the combo after the time freeze wore off.