Does ‘Are you ok with time?’ make sense?  If it does, what does it mean?

It's normally said when you're in a phone call or meeting with someone. You want to be courteous and respectful of their schedule. Sometimes a person may have hard stop because they have another meeting or have other work or errands to take care of. While others may be free for the rest of the afternoon/evening. So you ask, "Are you okay with time?" That gives them the opportunity to tell you whether to start wrapping up or keep going.

That seems a question yanked out of a conversation. Like, "Let's meet at 4:30, are you ok with time?"