Is the time from the splits the real time? New to using splits (Not really new but been awhile since Ive used it)

Some splits do show both real time (IGT) and game time (LRT), but some show only the latter, and people usually tend to use them in order to figure out the game time that excludes the time the game takes in loading, since on speedrun com it's a necessity to know the LRT clearly so as your runs to enter in the leaderboards, if you're playing on the steam version.
(On console versions all the runs are ranked by the IGT that is shown at the end of the runs in making your final (and first) save in the typewriter. You can see it from your save datas in the typewriter, so it's not mandatory to use splits to be aware of your LRT instead of your IGT, to which you can have access to know only by the use of splits)