Can't be healthy for Akatosh to keep losing control of his own metaphysical property though, can it?
Nah. Like the Daedra embody their spheres, Akatosh embodies time, but he isn't time itself. In most myth this can be seen by the way he is the first to find away to do things in the proper order and thus life forever, and then being followed by others, or where he 'bleeds' through the Aurbis.
Talks with Pelinal suggest that time is an illusion (Dyus confirms this) and that all events have happened, the only thing that matters is how you order them. This somewhat coincides with the notion from the Aldudaga* that with the creation of Nirn circular time has come to an end and will run on forever as the creation of Nirn allows for new events to be created through the player.
As such the concept of time is more a trick to order the events then an actual thing. You might instead of Akatosh as the god of rhythm and beat.
*Also the notion of repetitive mutual destruction of the et'Ada and Lorkhans finding this rather boring from other myths.