There isn't any setting, other than turning the dial to the correct time. Shows approximately 10am in the photo.
Although the switch times can be altered when it's installed, those being incorrect would not result in no hot water, only that it would use the more expensive electricity rather than the cheap rate.
If there is no hot water at all, it's likely there are other problem(s) such as the thermostat failed, element failed, fuse/circuit breaker, or it wasn't installed properly in the first place.