Means will not try to use formats in that simple display. If you want to attach a format then write your statistics to a dataset and print that.
Then you can attach formats to the values.
data x ;
input y time5. ;
format y time5. ;
cards;
10:30
11:30
;
proc summary ;
var y;
output out=want mean=mean_y min=min_y max=max_y ;
run;
proc print data=want;
var m:;
format m: hhmm. ;
run;
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