It's time to start packing vs. it's time we started packing

It’s time to start packing.
It’s time we started packing.

What is the difference between the sentences?

Thanks.

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I think that the former means that “the right time has come to do something”.
Example: It’s time to choose the team members, guys. (Before the beginning of a match)

The latter means that “something should be done and that it is already a bit late”.
Example: It’s time you went to bed. You’ll have to get up early tomorrow. (He had already lingered for a longer time.)

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