According to Voss the hourglass was introduced in the late 18th century. It can sometimes found on tracing boards, symbol charts or grave slabs, either or not with wings. Just as in non-Masonic context, the symbol refers to fleeting time. It is doesn’t often seem to have a ritual meaning, but it can be found on some Ark Mariner tracing boards.
Duncan’s Masonic Ritual and Monitor (1866) by Malcolm C. Duncan