It seems that searching by date and time only works with dates and dates, not with time fields, although it looks like it would be a good opportunity.
Have you considered raising a ticket?
Perhaps you can consider this as a replacement:
DEVICESCHEDULE.objects.extra(where=['SUBSTR(time, 1, 2)=%0.2d'], params=[nowHour])
DEVICESCHEDULE.objects.extra(where=['SUBSTR(time, 4, 2)=%0.2d'], params=[nowMinute])
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