``time`` causes fish to measure how long a command takes and print the results afterwards. The command can be a simple fish command or a block. The results can not currently be redirected.
For checking timing after a command has completed, check :ref:`$CMD_DURATION <variables-special>`.
Your system most likely also has a ``time`` command. To use that use something like ``command time``, as in ``command time sleep 10``. Because it's not inside fish, it won't have access to fish functions and won't be able to time blocks and such.