The estimated time is a projection, not a promise: it is worth exactly what the reference pace you entered is worth. Its value is in telling you how far the terrain moves you away from a per-kilometre calculation.
Flat-equivalent distance is the number to remember. It explains why a 21 km mountain race is prepared for like a very long half marathon, and why you need to fuel it accordingly.
The split times assume you hold the same intensity from start to finish. In a race almost nobody does: use them as a consistency reference, not a contract.