Yes, time is a dimension of space whose metric tensor has a negative eigenvalue, and it is often considered the fourth. Yes, it is a construct that exists. The fourth dimension in question here specifically refers to a fourth
spacial dimension, a fourth direction. So now that we're all on the same page, fasten your seatbelts and let's punch it to 60 in second gear.
Understanding hyperspace broadens our capacity for thinking and is a necessary component in our conscious evolution. Learning and practicing mathematics has always concerned increasing our capacity for problem solving, and understanding 4D+ space is no different. With it, we can imagine and create new things.
As far as we know, hyperspace only exists in software and our minds. Learning how to perceive four dimensions is a concrete feature of thought as opposed to an abstract concept. We are rapidly moving towards a future of augmented reality and
transhumanism that will allow us to interact, perceive, and think directly in cyberspace. 4D systems will no doubt play a role in some future developments, even if it is not a property of physical existence as we know it.