Essentially yeah, it’s heavily linked to novelty. For instance the drive to somewhere new or unusual is always longer than the drive home because we’ve already seen it so our neurons just dump all the information that’s familiar aka not novel. If someone does the same thing in the same place for years then time flashes by but if they are having many novel experiences then it feels like a lot more time has passed.

So in short the longer we live the more we have seen, the more we have seen the more is familiar aka auto dumped information by our neurons before it even touches the level of our conscious mind.