That's yet another incompatibility with the ISO/ANSI SQL specification. In the specification, the TIME type is defined as containing HOUR, MINUTE and SECOND fields, representing the "hour within day", "minute within hour" and "second within minute" values, respectively, so, the valid range for that type supposed to be "00:00:00:00.00000..." to "23:59:59.99999...". It's not intended to represent an interval, although that seems to be the intended semantics for MySQL's TIME type:
> but also elapsed time or a time interval between two events (which may be much greater than 24 hours, or even negative).
For representing temporal intervals, the specification defines two kinds of INTERVAL types (year-month and day-time). Year-month intervals can represent intervals in terms of years, months, or a combination of years and months. Similarly, day-time interval, can represent intervals in terms of days, hours, minutes or seconds, or combinations of them (e.g, days+hours, days+hours+minutes, hours+minutes, etc.)
As a sidenote, the TIME and DATE types are related to the TIMESTAMP type in that TIMESTAMP can be thought of as combination of a DATE part (year, month, day) and a TIME (hour, minute, second) part.
(from https://dev.mysql.com/doc/refman/8.0/en/time.html):
> but also elapsed time or a time interval between two events (which may be much greater than 24 hours, or even negative).
For representing temporal intervals, the specification defines two kinds of INTERVAL types (year-month and day-time). Year-month intervals can represent intervals in terms of years, months, or a combination of years and months. Similarly, day-time interval, can represent intervals in terms of days, hours, minutes or seconds, or combinations of them (e.g, days+hours, days+hours+minutes, hours+minutes, etc.)
As a sidenote, the TIME and DATE types are related to the TIMESTAMP type in that TIMESTAMP can be thought of as combination of a DATE part (year, month, day) and a TIME (hour, minute, second) part.