I don't have official info on this, but as I regularly drive a 350-mile trip in my Air, I've got a general understanding of these estimates.
The alternate route blips are displaying the
cost as compared to your current route selection. As you said, time as
positive means it will cost you more time; time as
negative means you will save time.
The battery usage, similarly, is estimating a
greater cost as
positive. You have to set aside the thought of SOC.
This is an ass-backwards representation since the entire step-by-step navigation log on the Pilot Panel displays SOC per Stop, and Charging Stops display [SOC] -> [Battery Percentage Replenished via Charging] -> [SOC]. There are no
costs here. I don't know what they were thinking.
I should also note that the alternate route estimates (on battery consumption, specifically) are, in my experience, always wrong.
i.e.: Nav log will show arrival SOC as 5%, and an alt route will show

-7% on the blip. I will switch to this route and the arrival SOC will then immediately update to 8%.
What happened to the other 4%? The math never checks out, which is strange, seeing as how my Arrival SOC number is always incredibly accurate and only becomes unreliable when I see a massive ambient temperature delta during the drive (Depart in 30°F and arrive in 78°F).