LP-16 (right from its inception) always showed the remaining playback time of the song.
The time field for ffwd/rew shows you the time at which playback will start. For example in a song which is 10 mins long you can ffwd/rew to 2:55 and select the song to start playback at 2:55. However the remaining time countdown will start from 7:05.
Does that answer your question?