The single quote at the beginning of a cell in Excel forces Excel to interpret the cell value as text. The single quote is probably being inserted because the update statement uses single quotes, which indicate strings. You may be able to use ##
delimiters instead, which specifically indicate date/time values (I say "may" because I haven't tested this). For example:
UPDATE [Sheet1$]
SET StopTime = #09:45:00#
WHERE [...]
On the other side, you can force a column to be interpreted as a date/time by using the CDate
function:
SELECT MAX(CDate(StopTime)) AS MaxTime
FROM [Sheet1$]
You just have to be careful in this case about values that cannot be converted to a valid time, which will cause the query to error out.