The new approach is troublesome when using functions in saved searches. When invoking a function from a query, time picker sets by default "Set in query" while there is no query-set time range in a parent query rather than within a function. It's confusing because I obviously cannot see what time range is set in external function so I have no idea what time range will be applied to my query. Moreover, when such query is run (with timepicker set to default value of "Set in query"), only function is time-range limited (according to its definition) while the parent query which is calling the function seems not to be time-range limited, which technically means it searches the whole history. This makes the query run very slow, unnecessarily. It forces the user to be vigilant and intentionally set the time range with the timepicker or set it up in a query. Moreover, when the timerange is intentionally selected to avoid the aforementioned behavior and query is edited later on, it resets the timepicker to "Set in query".
A desired behavior should be that when a function is used, the default timerange of 24h should still apply to parent query when no time range is selected with a timepicker or no time range is set within a query; I would also expect the function to rely on its internal time range when it's executed regardless of what timepicker in parent query says. Also, when a timepicker is used to set the time range, it must retain its setting even after editing the query.