See the timeline down the bottom? Those are the frames. You don't set a time for each frame, you just draw the frame where you want it to appear on the timeline. There are 25 (or 24) frames in each second, so if you want something to hold a second, you'd draw the first frame on frame '1', then click/drag the red bar thing to 25, and draw your next frame.
Wow, 2 hours for this thing? Not bad at all! You must have been REALLY focused at the time. Although I'm not sure how the process goes for animating something like this, since all I do is silly frame-by-frame stuff. Definitely not bad for something that might have been made for a short little platformer game, as a run cycle, sized down much more. Even for a film, quite good. Hard to make a smooth animation when pressed for time and the movements themselves are quite fast, eh?
Doesn't do that ridiculous smoothing thing with the lines, you don't have to insert a frame before you start drawing, copying frames and repeating them, or putting them on another layer, is a really smooth exercise. Those are the main things. The whole program is just much more geared towards frame by frame than flash.