Edit: Simple usages of time would include acceleration and deceleration of time. If you could do it locally you could possibly make someone experience a cut for a crazy amount of time, or "time stop" an injury and make it always feel like the moment it was made. But that's assuming a lot about in-lore rules.
Only if the author knows nothing about how the brain works.
It is 100% impossible via time magic to make a wound produce the same Lv of pain as was felt when it was freshly created. The reason for this is that the brain is designed to down-regulate any kind of consistent stimuli. In other words, simply having the brain active will cause the Lv. of pain to decrease over time.
This means that time magic of the level you are talking can only be used to make the pain less severe. If you accelerate the brain, it will learn to ignore the pain more quickly. If you slow down the brain to mitigate the effect I just described, you will slow down the rate at which it receives the pain signal.
Due the way neurons are structured, a slowed down pain signal will be perceived as less severe pain, causing something as severe as their skin being burned off to feel like nothing more than being exposed to the warmth of the sun on a nice day.
So, no, time magic is really not viable for that. However, illusion magic geared toward physical sensation, granting abilities like creating phantom pain or enhancing pain signals from real injuries, can achieve exactly the effect you were probably thinking about when you wrote that suggestion there.