I can see your confusion. settime as shown in the boot code help screen does not take a parameter
.
Yet, apparently, when the boot code parsing routine was changed in tc-config settime was moved to the parameter section not the flag section. Was the move intended to accept a time server name, and if so why not pass to getTime.sh as it does accept a parameter.
However, it still could be problematic as those without hard wired net connection would still see a failure. The settime boot code is only useful when net access is available early in the boot process. Which for wireless is often much later /opt/bootlocal.sh