Is there an obvious difference between пора and время? Or are they simply used for different phrases that must be memorized?
Word время is much more common in every day speech.
Both words are used in standardized expressions:
1. с тех пор как = since
2. во время = during
3. в то же время = while
4. пора = its time e.g. пора найти новых партнеров = time to find new partners