daylight vs time period

daylight and time period both are nouns.

Word	Noun	Adjective	Verb	Adverb
daylight	Yes	No	No	No
time period	Yes	No	No	No

As nouns, time period is a hypernym of daylight; that is, time period is a word with a broader meaning than daylight:

daylight: the time after sunrise and before sunset while it is light outside
time period: an amount of time

Other hypernyms of daylight include period, period of time.

daylight (noun)	time period (noun)
light during the daytime	an amount of time
the time after sunrise and before sunset while it is light outside