The time skip button becomes visible on screen when the setting is enabled and when the control overlay is set to on as well. Then you should see buttons in the lower right for the copilot interface and camera menu as well as in the top right corner.
One question about this time skip button: there is currently no way to change the intervals of the time skip right? In the current situation sometimes when you skip time, you skip to a moment in flight where you are on final for example. Would be a nice feature if you could skip time to right before TOD.