Is the word time the same in Brazilian and European Portuguese?

No

While the spelling and core meaning of "time" (meaning "team") are identical in both variants, there are significant differences in pronunciation and typical usage.

• Pronunciation: In Brazilian Portuguese, the "t" often takes on a "ch" sound (like cheese) when followed by an "i" sound, and the final "e" is pronounced as a soft [i] (e.g., chee-mee). In Continental Portuguese, the "t" remains a standard [t] and the final "e" is nearly silent or reduced to a very short schwa (e.g., teem).
• Usage: In Brazil, "time" is used broadly to describe any group working toward a common goal, including work teams, study groups, or project squads. In Portugal, "time" is almost exclusively reserved for sports. For any other type of group (work, academic, or social), a Portuguese person will naturally use the word equipa.

Brazilian Portuguese Examples

1. Meu time de futebol ganhou ontem. (My soccer team won yesterday.)
2. Precisamos montar um time para este projeto. (We need to put together a team for this project.)
3. Ele é o melhor jogador do time. (He is the best player on the team.)
4. O meu time de trabalho é muito unido. (My work team is very close-knit.)

• 5. Eu torço para esse time desde criança. (I have been rooting for this team since I was a child.)

Continental Portuguese Examples

1. A minha equipa de futebol venceu ontem. (My soccer team won yesterday.)
2. Precisamos de formar uma equipa para este projeto. (We need to form a team for this project.)
3. Ele é o melhor jogador da equipa. (He is the best player on the team.)
4. A minha equipa de trabalho é muito unida. (My work team is very close-knit.)
5. Eu torço por esta equipa desde criança. (I have been rooting for this team since I was a child.)