If you think about it, you would experience time in real time in whatever frame of reference you are in, so the real question is can you have accelerated experiences in VR such than when you take your hood off, you feel like you spent longer in VR than in the real world, like the Life Simulator in Rick and Morty.

Given that people have dreams which last minutes and feel like hours, it should be possible to tap into the same mechanism in some way once it is fully understood.

If you think about it, if you have experienced a real year, you only remember the highlights, so that is really all the VR would need to render.