'ValueUnit=MINUTES' is not a valid entry. It is ignored and default unit is used, which is meters for this function.
Valid entries:
ValueUnit=KM
ValueUnit=NM
Scale= is a valid entry for a multiplier.
In your case, you default to meters, then the multiplier, but only the least significant digits shown, the last 3 at the right, that could create the confusion.
Anyway it is the distance to next waypoint, not time. For a given speed, you can get the right estimated time using "scale=" (at the value of 1/speed) but it is a constant, it will work only for that speed, therefore not really useful.
In such a case, knowing it is impossible to be accurate due to SF2 limitations, I show the distance, better than nothing.
(EDIT: funny but true, ValueUnit=FT is also valid for range_indicator )