There is no need for “hacky approaches” or custom formatters in case you simply want to display the time (or date) in a human readable form. UI5 comes with the concept data types^doc which has the following advantages:

• Let UI5 format,
  parse, and even validate the value for you.
• Supports two-way data binding in contrast to formatter.
• Additional format options or input constraints can be defined.

In our case, the appropriate type for displaying the value of Edm.Time is sap.ui.model.odata.type.Time.^api

Sample

From https://embed.plnkr.co/F3t6gI8TPUZwCOnA:

<Table items="{carrierFlights}"
  xmlns="sap.m"
  xmlns:core="sap.ui.core"
  core:require="{
    DateTimeType: 'sap/ui/model/odata/type/DateTime',
    TimeType: 'sap/ui/model/odata/type/Time'
  }"><!-- ... -->
  <ColumnListItem>
    <!-- Date only -->
    <Text text="{
      path: 'fldate',
      type: 'DateTimeType',
      constraints: {
        displayFormat: 'Date'
      }
    }" />
    <!-- Time only -->
    <Text text="{
      path: 'departureTime',
      type: 'TimeType',
      formatOptions: { style: 'long' }
    }" />
    <!-- works with any other controls such as DatePicker, TimePicker, etc.. -->
  </ColumnListItem>
</Table>

Note: About the core:require-syntax, see Require Modules in XML View and Fragment which is supported as of UI5 1.69. For lower versions, use the following syntax:

type: 'sap.ui.model.odata.type.(Date)Time'

Result

For more information, including how to bind DateTime or DateTimeOffset in DateRangeSelection, take a look at the documentation topic Date and Time Related Controls: Data Binding.

---

TL;DR

1. Check which type the entity property is using in the service $metadata document.

2. Use one of the OData types in the property binding:

   xmlns:core="sap.ui.core"
   core:require="{ RequiredODataType: 'sap/ui/model/odata/type/<appropriateType>' }"
   value="{
     path: 'myODataModel>myProperty',
     type: 'RequiredODataType',
     <Add formatOptions & constraints here depending on the required OData type>
   }"

   For a complete list of available OData types, see API Reference: sap.ui.model.odata.type.