I'm a little confused about this column shown in the picture above.
When it shows 0.22 does it mean "22 miliseconds" or does it mean a fraction of a milisecond (i.e. in this case, around 1/5 of a milisecond) ?
The time is the time taken, during a single frame, in milliseconds. 0.22 ms is 220 microseconds. For reference, if you want 60 frames per second, you cannot spend more than 1000/60 = 16.67 ms per frame.
You can click on the graph above to select a specific frame, which is useful to see what happens if you have some lag "spikes", for example when a new player joins the game, or you transition between different screens.