There are unhealthy myths about how much time people in academia have to work (which have been debunked). By tracking your time, you can join many of us who have gained insights that transform how we work. I've been tracking my work since November 2011, and doing so has led to essential insights:
I was task switching every 5-10 minutes; tracking my time now helps me stay on task and get a lot more done.
I feel less guilty about taking time off, because I can see how much I'm actually working (plenty!).
I can now see what it takes to prioritize project- and outcome-focused work (over things like meetings and miscellaneous admin).
 
You can get similar insights and decision-making capacity from tracking your work time, too.
 
You'll see that this time-tracking template I'm sharing with you, is really detailed. I've found this much information is very helpful for me. But of course, you may want to modify it to suit your information needs.