The Time and Day node allows you to route callers depending on the time of day as well as which day of the week it is, an example of this would be the Fone Dynamics business hours which are:
7:00 AM to 6:00 PM AEST Monday to Friday
The Time and Day is what is called a conditional branch node, it relies on some basic logic to execute actions, similar to how a coding 'IF' statement would work. If the time matches the range/s given then go down the 'Match' route, if it doesn't match, go down the 'No Match' route.
NOTE: Remember to use 'More Options' to specify the timezone otherwise incorrect time routing may occur.