Google translate gave me 使用时间, but I've learnt not to take it at its word, more often than not.
2 Answers
"Studying uses up time that could be utilized for leisure activities.
The best choice in this context is 耗尽 (deplete, exhaust, use up)
One's time can be used up just like any other resource
"学习耗尽了我可以用作休闲的时间" (Studying has exhausted the time I can use for leisure)
"买参考书耗尽了我可以用作娱乐的预算" (Buying reference books depleted the budget I could use for entertainment)
You can use 耗尽 which means used up
You can use 耗费 when the time is not been used up yet you still want to stress that the time used should be spent for some better purpose.
