Yes, the general premise is that you've arrived in Puzzleburg on Friday afternoon to begin a weekend vacation.  As such, everything you do in the game takes place between Friday afternoon check-in and Sunday afternoon check-out.

However, there is no running clock in the game, and time only moves forward when you complete the main quest currently available to you.  These main quests indicate the passage of time, such as having a meal or going to bed.  This means that the weekend will last as long as you want it to, so feel free to explore at a leisurely pace, take on side quests, or do whatever you like before tackling the main quest and progressing the weekend forward.

Of course, time progressing forward impacts not only yourself, but everyone in town as well.  This means that town residents will move locations and/or have new dialog at different parts of the weekend.  In addition, the weather is impacted by time advancing forward as well.  If you've played the demo, you may have noticed that there's a part where you're in the hotel and it's said to be raining outside.  However, what you may not have realized is if you go outside at that time, you will actually see it raining.  And if you explore really well in the demo, you might even find someone who has unique dialog in the rain.

I don't want to spoil who it is or what they say, so you'll just have to find that out for yourself.

Have you ever felt the weekend is just too short?  Well, not in Puzzleburg!  Play as long as you want to make your weekend in Puzzleburg last as long as you like.