Hi Juan. Welcome to the community!

Are there instances where your times will exceed 24 hours?

Also, are there any instances when the elapsed time spans 2 days? ie. passes through midnight?

You can certainly obtain the difference in days between two Date columns, ignoring the time that may or may not be included in the Date column.

That is possible using a formula column with the following: DAYS({Date2},{Date1})

Equally, if you have two Hour columns, you can obtain the difference between them using a formula column with the following: HOURS_DIFF({Hour2},{Hour1})

However, the best option for capturing this is likely to be the Time Tracking column. It has this functionality built in, and it can span multiple days if needed, all in a single column.