I think this post would've been better in the already made Timeline discussion thread. Also, you can reply to multiple people in the same message by quoting.
I'm going to go out on a limb and assume none of us are time travellers or quantum won-ton physicists. As for "how time works", here's a pretty good documentary about that:
https://www.pbs.org/wgbh/nova/video/the-fabric-of-the-cosmos-the-illusion-of-time/
Around 19 minutes in, the "Past, Present, and Future" part, it shows how time doesn't flow linearly but how it all exists. Skipping to 23:15, there's an example of how an alien moving on one planet can see the past of Earth (like how when we look at stars, we don't see their present state but their past state), proving that the past must exist and can not change. Then, the alien moves in another direction, showing the future must also be real.
"Once we know that your now can be what I consider the past, or your now can be what I consider the future, and your now is every bit as valid as my now, then we learn that the past must be real, the future must be real. They could be your now. That means past, present, future…all equally real; they all exist."
"If you believe the laws of physics, there's just as much reality to the future and the past as there is to the present moment."
"The past is not gone, and the future isn't non-existent. The past, the future and the present are all existing in exactly the same way."
OoT Link very much changes the past, meaning it must be on a separate timeline. WW's backstory says that the Hero of Time "
traveled the stream of time and left the country behind, he did not appear.". The King of Red Lions says something similar in the English localization. "
When the Hero of Time was called to embark on another journey and left the land of Hyrule, he was separated from the elements that made him a hero". Link was separated from the Triforce of the Adult portion since the Triforce of Courage was with him in the Child portion when he traveled back in time (in Zelda's courtyard). If it was referring to Link leaving Termina, then the elements that made him a hero wouldn't have separated out of him for going to a new land. Besides the King of Red Lions, other figures from Old Hyrule (Jabun, Deku Tree) only talk about the Hero of Time, as if he was the last expected hero.