Currently, it is possible to Show/Hide levels (i.e. summaries/details or L1/L2/L3) of lists and line items in the "context selector settings" of the New UX.
It is not currently possible to do this with time.
The dropdown list will be at the lowest level of granularity of the array of data on the page (e.g.the grid has granularity of "days", but I want the ability to only select on "weeks" or "months" etc.)
This added functionality would allow greater flexibility in meeting End User needs.