very scenario dependant of course, but 4-5 hours is a common enough time in my experience.
typically we start around 10ish, with the usual banter and side selection stuff, break for lunch around 12ish, and finish by 3pm.
been the odd scenario we have played twice in a day, typically lower banner scenarios where it has dramatically swung the first play (e.g. EPIC12 Hydaspes (326 BC) 13-5 both times to the Macedonians).
"I will either find a way, or make one."
attrib to Hannibal Barca