How much time do I need to spend on the survey?

That’s completely up to you. A lot of people will keep an eye on the birds in their garden for a few minutes on mornings or evenings during the week, before or after work or school, and then more time over the weekend. That’s absolutely perfect.
There’s no need to dedicate hours to staring at your feeders (though you certainly can if you want!), but casual glances out the window when you get the chance during the week and on the weekend should give you a good feel for the species and numbers using your garden each week.