Yeah, 1 minute Game time is 1 second real time, but it doesn't really feel like it's passing that quickly as you play. Not unless you have too many animals and crops as it's hard to keep on top of that. There are days when I don't bother brushing my animals.
The only time that time goes too slowly is when you go to Animal Land and there's nothing to do but look after your animals.
You can always pause the game by opening up the menu for your tools or bag/save, it helps if your wanting to take a drink/snack in real life but you don't want to miss that precious time.
There are always things to do, collect and people to talk to as it's quite hard to do it all in game time. You have to find your priorities, especially when you get all the people moved into the village. They're a few people I just ignore and don't talk to and it doesn't make that much difference.