It looks a little complicated in Google Sheets, but the formatting for a query that you could use in the conditional formatting is here: https://infoinspired.com/google-docs/spreadsheet/datetime-in-query-in-google-sheets/


...say the current time is 930am, so the cells that have a time BEFORE 9:30am yesterday should turn red. The cells that have a time AFTER 9:30am yesterday should remain unaffected. There is a setting to choose so, right from within the conditional format menu. For your chosen range you pick the setting Is between and as values =NOW()-2 and =NOW()-1

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