So the invisible 12h timer runs during cutscenes. During Excalibur 2 runs, I used to open and close the PS1 disc tray to skip (normally unskippable) cutscenes. Never knew why that worked.
(I also never managed to get it)
(I also never managed to get it)
I'm guessing the game probably streams FMV cutscenes of the disc as they play, and the fallback behaviour if it can't find them is to skip rather than crash.