It's still sorted by date, though. "Time" just means time within the day. So, if you're earning rep on 3 posts, it will sort all of those votes by the time they came in but if you sort by post it will combine all of the votes for each individual post for that day. Here's an example using my profile:
Here's the sort by post for March 3rd.
And here's the sort by time for March 3rd.
As you can see, while the specific posts do get combined in the second view if the votes are consecutive, they don't get combined if they're interleaved with other posts getting/losing reputation.
In the examples you've posted, there's only one item on the day, so there's no change to be seen. I admit that it's somewhat unclear but I'm pretty sure this is by design.
We sort voting by day as it relates to the reputation cap, so we want to know what reputation was earned on a specific day and then we allow you to sort the reputation changes for that day however you wish.