I'm pretty sure that Shakespeare was letting the page show himself up as a fool by answering a criticism of pitch by referring to timing- and also setting up a punch line to play on the phrase losing or wasting time.
Incidentally, according to Howard Goodall on a recent TV series, intervals that we would find very discordant were regarded as examples of high musical class in Elizabethan times.
The modern melodic and harmonic minor scales were not settled in those days, and it was customary to flatten the seventh note of the minor scale when singing up the scale, but to sing the natural pitch when moving down.
So in the scale of C, if the alto voice was climbing and the tenor descending, and both sang the seventh, you would hear B natural and B flat together. This sounds like a horrible semitone clash to modern ears, but it was given the name "false relations" and was the height of Elizabethan cool.
Cheers
Dave