Hi makenzi.exc,
You can convert using two functions.
FORMAT and STUFF function.
Note: FORMAT function works with SQL Server 2012 and above.
SQL
DECLARE @Time TIME = '15:04:46.217'
SELECT -- USING FORMAT FUNCTION
FORMAT(CAST(@Time AS DATETIME), 'hh:mm tt'),
-- USING STUFF FUNCTION
STUFF(RIGHT('0' + CONVERT(VARCHAR(7), @Time, 0), 7), 6, 0, ' ')