Time has become irrelevant. It can no longer compete for Magazine of the Year.
Of course, it is also true that magazines (the literary, not the ordnance) have become as anachronistic as the telegraph or the shortwave radio, so it wouldn’t matter which rag won MOTY anymore.
The True Persons of the Year would be a combination of the protestors in Hong Kong and Iran. They have been laying down their lives, their fortunes, and their sacred honor for the cause of freedom more than anyone else in the past year, with the exception of the US military.
Hard hitting news magazines are a dead breed. The only one left is The Economist, and even it is now left leaning pro-Euro biased. Even 10 years ago it was a nice read to get a non-US point of view. I can’t even read it now.