The setting of the story is where the story takes place. For example, the setting in Harry Potter can be Hogwarts or the guiditch field. The setting for Batman could be Gotham city. In Ian McEwan's atonement the setting is the beach as well as several other places.

The setting obviously influences the atmosphere of the story.

Time in the setting refers to the period when the story takes place be it in ancient history or in the future.
It also refers to the amount of time the story covers

The time setting for a story refers to the time mentioned within the story, not how long it takes to read. A story can refer to a period of a few minutes, a day, week years and even several generations.
Saturday by Ian MacEwan takes just one day. Alice in wonderland just a few days or maybe the time of a nap. The complete Lord of the rings story takes several years.

The period of time refers to the moment in history in which the story takes place. It can be in ancient egypt. In victorian Britain, Charles Dickens for example. Or historical periods like Wolf Hall by ..... It can be even in the future, for instance Isaac Asimov or other science fiction writers, or Clockwork Orange by..... which is
The place and the time can also be completely fictional.