Just make a simplified version of hand-waved time manipulation in your magical system.
Why? Physics are complicated with a lot happening and all that is connected. If you change time-space in some location or for a group of particles you would need to consider a lot, you may as well become a bored physicist and sit there accounting for all that mess. I sure hope there will be some good, bored one so I can read some of it.
So we affect only time for one equation. For example, we have a fireball flying at your face. You "freeze" it in time, time in it's movement equation.
Do you know all components of the equation? You better do! That fireball moves at you, it spins together with the planet around it's axis and around the sun, it flies together with galaxy across universe and orbits the center of the galaxy to name the few. I am not so bored to name thing like barycenter of Earth-Moon system and on.
If you mess up it can zip to space or make a hole in you faster than you can blink.
For true "frozen" fireball we need to consider effect on kinetic energy of particles inside of the ball. Is that ball now absolute-zero-like ball? Sure, it won't condense as particles can't move.
Is this ball immovable object while your magic affects it?
How will it influence other things?
Does the air around squeezes inside, as ball's particles don't "move"? Or does you power affect them at the boundary? Does you power affect light it emits? What if you start make question about what happens at quantum level inside there?
I won't even start about the mess if you create an area with radically different space-time.