When you create a new event The Events Calendar will make a number of assumptions in order to provide some reasonable default settings. One of these assumptions relates to the event start and end times: by default, The Events Calendar will set the start time to 8am and the end time to 5pm.
This is easy to change if you desire a different start/end time. Here is a basic helper snippet to do that. This could be added either to a custom plugin (preferred) or else to your theme's functions.php file.
It doesn’t handle more complicated cases like a start time of 11pm and end time of 4am the next day, but it could certainly form a basic starting point on which to build something that handles a more complicated scenario. :-)
🔔 You can use either the 12-hour (10pm) or the 24-hour (22:00) notation with this snippet, but bear in mind that the time format displayed in your calendar will always correspond to the one you have set in your WordPress install.