When you click on the clip the timer will show the duration at that point from the very beginning of the project timeline. So, if you have clips in front of the clip that you are working on the timer will show the duration from the beginning of the project, not from the beginning of the clip. In your screen shot the timer is showing 3.03.6 minutes from the beginning of the project.
As a workaround, you can move your clip to the front of the project timeline, and then when you click in the middle of the clip the timer will show the time duration of the clip at that point. That's because the beginning of the clip is the same as the beginning of the project.
Another way would be to place your clip into a new project created for this purpose so that it is the only clip in the project. Then when you click on it the timer will show the point where you are in the clip.
The timer above the timeline does not have precision accuracy, but it's pretty close.
-- Rich