I go for a lot of long rides and I must say I'm frustrated that the hour field is relegated to being a raised exponent in the Elapsed Time and Timer Fields, while keeping minutes and seconds full size. That strikes me as exactly wrong -- once you've gone over an hour, it's the hour and minute fields that you want to see clearly.
In any event, I've solved by using the IQ app, AppBuilder (two times, since I'm creating two fields), and simply specifying ElapsedTime and Timer as my formulae. You then get a nice result (IMHO):
