If you have a Mac, the "FontBook" application displays all the fonts, with lots of individual information, including the licensing information. In the case of Times New Roman, the following licensing information is there:
This typeface is the property of Monotype Typography and its use by
you is covered under the terms of a license agreement. You have
obtained this typeface software either directly from Monotype or
together with software distributed by one of Monotype's licensees.
This software is a valuable asset of Monotype. Unless you have entered
into a specific license agreement granting you additional rights, your
use of this software is limited to your workstation for your own
publishing use. You may not copy or distribute this software.
If you have any question concerning your rights you should review the
license agreement you received with the software or contact Monotype
for a copy of the license agreement
You can use this font on a website, as long as the website only tells the browser "use Times New Roman to display this text" but doesn't contain the font itself. That's what most websites do. Anyone with a browser on a computer having Times New Roman installed (practically everyone) can read the site. If it is not installed, then the browser will more or less cleverly select a different font that is installed.
You can develop an advertisement with that font on your computer. Then you send it to a printer, and you can bet the printer has a license. You could technically embed the font in an eBook or PDF file, which would be illegal. For that you would need a license. However, there is no need to embed it, just rely on others to have it installed on their computers.
The situation is different if you want to use one of the thousands of fonts that you can buy but that is not widely available. In that case you need to pay more for a more permissive license, because for example users wouldn't see your website with your font if you don't embed the font in the website. And your printer won't print your poster if they have to shell out for your font.
PS. According to FontBook, the name of the font on my Mac is "Monotype:Times New Roman Regular:Version 3.05 (Microsoft)", but that is just a name, not something that gives Microsoft any rights.
There is also the "Times" font, which according to FontBook has the name "Times Roman; 13.0d2e19; 2017-07-11", and copyright notices from Apple Computer Inc, LinoType AG, Type Solutions Inc, and The Font Bureau Inc. No license text available, but Apple has a generic license somewhere on their website which is not unsimilar to the MonoType one.