My best guess: game time may - on a grand scale, generally speaking - not pass at a universally constant, linear pace, so there may not be a single constant or adjustable compression factor by which to multiply real time passing to get the equivalent in game time passing. Nor may there, as a consequence, be strict time-of-day synchronization. This is not 24, folks.
Tedious, repetitive and uneventful activities without mandatory player interaction like sleeping, eating, healing/regaining health after having been wounded/exhausted, fast travel between map points visited before may be compressed by a much greater factor (say 48x to 12x) than interactive, first-time activities like quest-related travel, fighting, hunting, some mini game activities which may pass considerably slower, in a time frame much closer to real time (say 8x to 1x). There might even be time-less activities or states, during which no game time passes at all, for example while studying your inventory, within setup menus or while a -pause mode- has been activated.
Just my 2c.