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No, time exists independent of the observer, but time is affected by the speed of light, and we have been able to stop light by shining it into a cloud or something and then cooling it to almost absolute zero, so i guess that you could argue that time was stopped inside the cloud. as for time being a human construct, there's no way that it could be, because humans evolved from other beings, and that takes time. but if time really is a human construct, then we wouldn't be here. also if time was a human construct, then we would be able to alter reality (slow down, speed up time. think MATRIX) just by thinking.
"He who does not question is lost."
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