It can also be understood as: give time and life, not life time. Enrich your time with your own experience, instead of letting life pass by with time.
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Time is life from Lu Xun's famous saying: Time is life, and wasting other people's time for no reason is actually tantamount to killing people for money. Time is life. This sentence uses figurative rhetoric, and metaphor is a kind of metaphor. Comparing time to life shows that time is limited and short.
"Waste, the biggest waste is wasting time." Edison often said to his assistant, "Life is too short. We should try our best to do more with less time."