This article contains examples of converting a datetime2 value to a time value in SQL Server.
One of the benefits of converting a datetime2 value to time is that you reduce the storage size from between 6 and 8 bytes, down to between 3 and 5 bytes (depending on the precision each data type has assigned to it). Strictly speaking, 1 extra byte is used to store the precision for these data types, so you should add 1 byte to these amounts.
Obviously, you do lose the date portion during the conversion, but you wouldn’t be doing this conversion if you needed to retain the date portion.