It's the "flight" time that counts (as defined in the ANO)
Same as for cross-country navigation and Instrument flying, you can count the whole "chock-to-chock" time towards the requirements, not just the airborne time spent doing the actual exercise, which is often significantly less.
Although, I believe the goalposts have recently been moved with regard specifically to the recording of IF for the IR, where IIRC the FTOs have been told taxi time can no longer be counted towards the required hours.