To give my own take, build on CriglCragl's answer, and provide some empirical evidence; yes, time can be subjectively experienced differently by different people.
The most obvious examples are Boredom and Flow. Bored people say time flows slower, while those experiencing Flow make reference to how fast the time has gone.
Those who grow older and older discover that their perception of time also appears to be speeding up.
However, such states can be induced artificially with drugs, too. For example, the feeling of a "fast forward through darkness" when one goes through general anaesthesia. The slow-mo of stimulants like methamphetamine and cocaine, the flow-like zip of an opiate nod.
A while ago, I took DMT, and experienced a state I describe as "timelessness". Many people describe psychedelic experiences as feeling "infinite" but I feel that's the wrong word.
Infinity would first imply that it never ends, and that subjectively that's what was experienced. This is patently incorrect. Instead, I would describe it as total ignorance of Time, in all perceptual vectors. Not merely the ignorance of not looking at the clock, but the certitude that a clock would be of no value in this state. Time is just as bizarre a concept in that mental state as dragons and magic; it doesn't exist.
In my opinion, the implications of this are difficult to nail down. It certainly appears that yes, we can and do experience time in different ways, but it also appears that this doesn't seem to matter much day to day.
Humans and society appear to be quite content existing and continuing to exist in spite of this perceptual curiosity.
We must however concede that some perceptual models of time are not beneficial to humans or society. If everyone walked around in that state of timelessness, I suspect we would struggle to get anything done at all.
We should also consider the compatibility of certain perceptual experiences of time, if we're talking about society.
For an on-the-nose example; one person who is Bored and another who is in Flow are unlikely to exhibit much cohesion; the models are incompatible because Bored is experiencing a great amount of pain at the perception of time being wasted, while Flow has no desire to change the current state of affairs. Flow will resist Bored's attempts to change the ongoing activity to one more mutually agreeable in terms of time perception.
Another example is age; the old phrase "youth is wasted on the young" had a fair slice of truth in it.
An older person who experiences the passing of days more quickly is likely to be more cogent of mortality. The young famously have no such compunctions, often described as acting as if "invincible" or "immortal".
The common thread in the above is this; your perceptual model of time affects your decision-making process when choosing to spend it.
Which is a roundabout way of saying the big conclusion, which is: your perceptual model of time affects how you live your life.
What the exact implications of this are, I'll leave to a sociologist.