> We feel time differently over our lives. As a toddler, an afternoon feels like an eternity. In middle age, “no matter how I try, those years just flow by, like a broken down dam.” For a 5 year old, a year was a fifth of their life, and feels like it. For a 40 year old, it is just another year.

I think this explanation is true but incomplete. I believe it's also related to Critical Flicker Fusion Frequency [0], the way I see it, if an organism is smaller it has a higher frequency, it sees more image per second, therefore perception of time is slower. (E.g. a fly sees you moving really slowly). Maybe it's related to the processing time of images, with smaller brains insect can process more of them per second.

Maybe humans process more images as children, therefore see the time time going slower.

It's been a while I didn't think about this, maybe some studies have been made in the past years.

[0] https://en.wikipedia.org/wiki/Flicker_fusion_threshold