Not quite. In fact, the minutes here have nothing to do with time, but rather small, as in minute (my-newt). Minutes in this sense first popped up in the early 18th century, possibly directly from the Latin minuta scriptura, meaning small notes or just minuta, meaning small or possibly via the 16th century minute definition of rough draft from the preceding Latin.
Whatever the case, minutes as in meeting notes is referencing this sense of condensing something down (small) as in the my-newt (minute) pronunciation, not as in seconds, minutes, hours.