Also, you should only loosely consider game time in a real game, as actual time. The game works on turns called Ticks. In a standard speed real time game, one Tick is played each hour. However, it doesn’t matter when during any given hour you do things. You can switch your research and ship waypoints as much as you want during that time, because the game only calculates game progress at the Tick.
There are options for Double and Quad speed, as well as half speed games. Again, that just impacts how often a Tick occurs.
In a Turn Based game, the Ticks all happen in bursts, when either all players have submitted their turns, or when the submission timer runs out. Just like Alias said, the game will then progress X number of Ticks depending on the settings, then start the submission timer over. Turn based allow for a slower pace, as you typically won’t miss an attack because you went to sleep, but the tradeoff is that you don’t get the micromanagement of a real time game. When a player launches an attack on you, you won’t see it for the number of Ticks that take place each Turn. Where in a real time game, if you log in during the Tick after the attack is launched, you will be able to respond much faster. So in every Turn based game I’ve played, the attacking fleets have been in progress 6 Ticks before I know of the attack.
You also don’t have the ability to micromanage research and infrastructure purchases either. Say Terraforming finishes 1h (really should be Tick) after Production. I either spend at the old Terraforming prices, or lose several Ticks worth of ship building or research points, by waiting for the next full turn to make my upgrades.
One other benefit to Turn based games, they can progress at different rates depending on the people playing. You might get many turns played in a single day if everyone is checking in often and submitting their turns. On the other hand, if things get real busy, it can slow to the maximum submission times. Real time games are only flexible in that administered ones can be paused if need be. That option is there for Turn based as well.
So, pros and cons of each game type.