Tuning Argon2id hash options to your server

If you read up on https://www.php.net/manual/en/function.password-hash.php you get this code, but it appears to reference the bcrypt hash (unless I'm wrong).

<?php
/**
 * This code will benchmark your server to determine how high of a cost you can
 * afford. You want to set the highest cost that you can without slowing down
 * you server too much. 8-10 is a good baseline, and more is good if your servers
 * are fast enough. The code below aims for ≤ 50 milliseconds stretching time,
 * which is a good baseline for systems handling interactive logins.
 */
$timeTarget = 0.05; // 50 milliseconds 

$cost = 8;
do {
    $cost++;
    $start = microtime(true);
    password_hash("test", PASSWORD_BCRYPT, ["cost" => $cost]);
    $end = microtime(true);
} while (($end - $start) < $timeTarget);

echo "Appropriate Cost Found: " . $cost;
?>

On that page a comment mentioned this: https://tools.ietf.org/html/draft-irtf-cfrg-argon2-06#section-9.4

9.4. Recommendations: The Argon2id variant with t=1 and maximum available memory is recommended as a default setting for all environments. This setting is secure against side-channel attacks and maximizes adversarial costs on dedicated bruteforce hardware.

It's not clear if t=1 is time or threads.

//using php7.4 allows use of Argon2id
/*
    |--------------------------------------------------------------------------
    | Argon Options
    |--------------------------------------------------------------------------
    |
    | Here you may specify the configuration options that should be used when
    | passwords are hashed using the Argon algorithm. These will allow you
    | to control the amount of time it takes to hash the given password.
    |
    */

    'argon2id' => [
        'memory' => 1024,
        'threads' => 2,
        'time' => 2,
    ],

Do you have any experience here? How do you tune the algorithm options to your server?