The estimated study time reflects the amount of time you should budget to review all of the material you need to study. It does not include the time you will need to master that material (e.g., test yourself, re-read sections, etc). The estimated study time is based on the total number of topics that you will need to master in order to raise your EdReady score and reach the target.
Remember, this is only an estimate! The actual time you need may be much less or much more depending on your prior competency with the material and the speed at which you learn new material.