When creating or editing date fields you have a few extra options compared to other types of fields. You can control which components (year, month, day, and time) are shown when the field is rendered. With these options you can control the appearance of the date values on the item details page, on document view, report result page, and so on.

These options work well with any date format that you can select. Note that you cannot display only the time; you must select at least the day component to be able to display the time as well.