Time is an important element in time-lapse photography. Plus, you need to consider the subject to determine the right speed.
For instance, you won’t like to stare at a timelapse video of a sunset forever just to see the sun dip.
However, if you add too much speed, the resulting video may appear to be skipping.
You can choose between 5x to 120x. The former is used for relatively faster objects like people walking on a street, while the latter can be used to capture sunsets and sunrises.
To enable the said modes, swipe right on the Photo mode till you see Timelapse.
Next, tap on one of the speed options and start recording. And while you are at it, change the video resolution to 4K (upper right corner).