I've spent or wasted way too much time on this, I can't quit.
What is the name of the logical fallacy or cognitive bias in the above statement.
[I'm not sure if this is actually the right forum to ask this. I'm sorry if I'm in the wrong here]
The psychological/emotional tension surrounding the decision as to whether to keep investing time or money in an endeavour such as the one you describe is the sunk cost dilemma:
the emotional difficulty of deciding whether to proceed with or abandon a project when time and money have already been spent but the desired results have not been achieved. (Investopedia)
And the sunk cost trap is when, because of a reluctance to admit to a waste of time or money, one continues with an obviously fruitless or wasteful endeavour that will not lead to the desired or best outcome. There are some good example scenarios in this thread in the Philosophy forum.
If you fall into the trap, you are "throwing good money after bad", which is to
incur further loss in a hopeless attempt to recoup a previous loss (Oxford Dictionaries)
(See also this thread with some examples of early usage.)
The problem seems to lie in the unspoken premise: There is no amount of time too large to spend, in relation to the expected goal. The next question is the importance of the goal. Buying a new car? Saving your own life?
Depending on the goal, the statement about "too much time" might or might not be defensible.