It means probably of the time of absence; but it is very awkwardly expressed. Perhaps for 'time' we should read king, which Theobald also proposed. We have "the absent King" (i.e. Rich. II.) in 1 Hen. IV. iv. 3.
"And ostentation of despised arms."
I can see no sense in 'despised' here; Singer reads disposed. I prefer displayed, which he also had conjectured.
Sc. 4.
"The other in hope to enjoy by rage and war."
So also Theobald completed sense and metre.