Yes. That's why I also wrote "hour". And yes, one way of asking for the time is "Hány óra (van)?", how many hours is it.
I noticed that another hover hint for the word is "class" (in another lesson). That would probably be in the sense of "a scheduled meeting appointment for multiple people in the education context". Or does this meaning need explanation?
That is correct, "óra" can also mean a class in education. I would say it is mostly used up to the high school level. In higher education, other words can come in, like "előadás" for "lecture", and "gyakorlat" for a practical class, etc. But "óra", as a general term, would still be understood in that context.
The various subjects are also regularly mentioned together with "óra":
"földrajzóra" - geography class
"tornaóra" - P.E. class
"angolóra" - English (language) class
(I feel the need to write these as one word, but I may be incorrect - the actual rule can change with time)
You can also take extra classes:
Or you can go to a language course:
"angolórára járok" - I go to (or I take) English lessons
A teacher/professor who teaches classes is an:
"óraadó tanár" - a "class-giving" teacher
You can inquire about the class schedule for tomorrow:
"Holnap milyen óráink vannak/lesznek?" - What kind of classes do/will we have tomorrow?
The break between classes is "szünet".
And the actual length of an "óra" is probably less than an hour:
"az óráink negyvenőt percesek" - our classes are forty-five minutes long
Some classes are double long:
"dupla óra" - hate it :)
"órám van" / "órán vagyok" - I am in a class
"holnap nincs óra" - there are no classes tomorrow
"Ráérsz holnap 2-kor?" - Are you free tomorrow at 2?
"Sajnos, nem. Órám van." - Unfortunately, no. I have a class."
It doesn't seem to be ambiguous as long as the context is clear, e.g. ma van magyar óránk = we have Hungarian class today.
But also, it does seem óra means the actual class and not just the time slot for the class e.g. az óráim nehezek! = my classes are hard!