My experience with lucid dreaming is using the MILD technique so I gain lucidity in an already formed dream. I am not lucid at dream formation so I never witness time emerging. It's already unfolding when lucidity is attained.

As for what I call the waking equivalent I experienced I never witnessed any transition between formless and form either. That's probably a tad further along the continuum than I "touched". Let's just say I dipped my toes in the water for a few weeks. Still, the "knowing" was profound, powerful and unambiguous.

Here's what I can say about time (awareness really) from my own experience. Every so often I have one of those amazingly fruitful sittings in effortless meditation where the timer goes off seemingly just after I start. No thought, no memory, no space, no time and yet I "know" I am aware the entire time. It's what Swami Sarvapriyananda sometimes refers to as "not an absence of experience but an experience of absence". It's being aware of being aware and nothing else.

It's That "knowing" that's beyond space, time and causality. It's right here and right now but we mostly don't notice because we're looking elsewhere. Actually it's that we're looking period. It's the Looker looking for the Looker. In another thread I describe it as "looking for me behind me" and I'll never find me there. LOL!