Oo. Good point. Fun discussion time!
So Time can indeed use light arrows in OoT and MM that use up his magic meter. However I have two counter-arguments as to why I don't count Time as also being from the royal line.
Counterargument One: The difference from where the two get the ability to use their light arrows.
In OoT, the one who gives Time the ability to use light arrows is Shiek/Lullaby. As if she were sharing her magic with him (because she loves hi-Nvm, LU-related post, Malink is canon here, right). So the light arrows are not naturally from his magic, they were more like a gift/boon from the princess.
Later in MM, because of the nature of Termina, he likely re-unlocked the ability to use them from the Stone Tower Temple. Probably because the princess gave it to him originally.
Meanwhile in WW, Wind gets the light arrows not from Tetra but by doing a puzzle and defeating Phantom Ganon. Which means that the power doesn't come from a royal family member, but either from Ganon (very unlikely) or from himself. As if the puzzle itself unlocked some truth about himself or if defeating a shade of Ganon's power made him confront his own innate power.
Counterargument Two: How powerful the light arrows are
To be frank, Time's light arrows are very, very nerfed as they are less effective than normal arrows. They do get a greater rupee drop, so there's some magic in that, but how to translate that into actual power is kind of confusing. They are at their most effective against Ganon and his barriers more or less solely.
Time's light arrows are more powerful in Termina though, which seems to imply that Time became more comfortable with that kind of magic. As if he had to get more used to it to draw out more of the light arrow's power. As if it were not naturally his own.
However Wind's light arrows are powerful enough to shoot through armor and kill all non-boss enemies in one blow. Which is a very different power level from Time's light arrows. He doesn't use them in PH, but that's easily explained as PH takes place in a dream/alternate reality.
Side note: Wild getting light arrows from Flora as he fights Ganondorf is likely more him borrowing her magic than his own. During all of BotW, Wild uses no magic of his own. All magic he does is through items like specific types of arrows, specific weapons, and the Sheikah Slate. Though that last one might be more sci-fi science than magic. That said, Wild's terrifying in various other ways and is far from the only Link to not use magic of his own. This is not a knock on Wild; he's brilliant.
At the end of the day, if people want to think Time is also related to Sky, I think that's fun too! I just think that the Link who has the most canonical evidence for being from the royal line (not a straight-up prince) would be Wind. No one has to agree with me. I just think it's a fun possibility that has some decent evidence, and I have fun laying that evidence out.
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