"Is this output returning the difference between time components of calenderDuration function or only time duration between time values in the array "
Neither, there are absolutely no differences involved.
Exactly as the TIME documentation states, it returns the time component of calendar duration objects.
In pseudo-nomenclature, if you have this CALENDARDURATION array:
99 days 12h 34m 56s789
then TIME returns the time part only (as a DURATION array):
12h 34m 56s789
