Does this quote link to the theme of time?

I think you could interpret it this way.

It's certainly a nice idea, it is just a little inaccurate. Time cannot really be considered a theme of the play as it is always moving forwards and in this idea, repeating itself. Themes are expressed, whereas this would be repeated. Perhaps it could be considered something close to a reccuring motif. Motifs are objects so it can't be this but something similar. You could say "the effect of time" perhaps, this is much more accurate. Time certainly plays an important part in the happenings of the play as it works alongside the plot and allows Priestley to structure the play in actually rather a clever way.