Yes, because time is affected by acceleration, and gravity causes acceleration. So the deeper into a “gravity well” you go, the slower time passes.
This connection is one of the things that led Einstein to develop General Relativity, because he realized that if you were in a spaceship accelerating at 9.8 m/s^2, then if you dropped an object, it’s trajectory would be the same as if you dropped an object while standing on earth’s surface. So if you could not determine the difference between being in a gravity well, or on an accelerating spaceship, then he surmised that all the laws of physics should apply the same in both situations, and started looking for a solution in which that would be true.
Thanks for the detailed explanation. time, the passage of time, time travel, have always fascinated me.
We used to have a museum locally, the Time Museum, which quite literally, was world class.
A local industrialist collected timepieces-watches, clocks, even an atomic clock, and it was quite a collection.
Alas, there wasn’t enough interest in it to keep the doors open and the lights on. The local astronomy enthusiasts, myself included, weren’t enough to keep it open.
Here’s a link: https://www.roadtripamerica.com/places/timemus.htm