It depends. I am assuming by "time" you mean "duration" (like 1 hour 30 minutes) not "time of day" (like 12/20/24 at 1:30AM). I'm not totally clear on what Excel does or how you are formatting the cell with 1:30 but it seems to do strange math if the value is 24:00 or greater. You might have to enlighten me on that if what I write below isn't helpful.
If cell B2 is text formatted and has 1:30 in it, it will be interpreted as 1 minute 30 seconds when used in one of the duration functions.
=DUR2MINUTES(B2) will turn it into a decimal 1.50
Text formatting is kind of dangerous, though, because other functions and formulas may interpret it as today as 1:30AM. For example, you cannot do =B2+B2 because it will try to add it as two dates.
If cell B2 is formatted as a duration with units of minutes and seconds, the formula is =DUR2MINUTES(B2)
If cell B2 is formatted as a duration with units of hours and minutes, the formula is =DUR2HOURS(B2)
Data entry of 1 hr 30 minutes is either done as "1h 30m" or as "1:30:00", not as "1:30" because that is 1 minute 30 seconds.