The "Display Time" UI policy does not seem to be hiding the "time" field properly for scheduled jobs.
Release or Environment
This issue can occur when the "Inherit" checkbox is unchecked on the UI Policy.
Make sure the "Inherit" checkbox is checked on the 'Display Time" UI Policy. It runs on the "sysauto" table, so if it is not checked then it will not run on the sysauto_script table, which houses scheduled jobs. Out of the box, the field is checked (true).