I figured that the CreatedDate will not show the time in the reports section.
So I made a DateTime formula field to take the value from CreatedDate. Now this shows the time value inside the reports.
However now it seems like I cannot filter the records just using the time. Is there a different way to do that inside the reports? I want to be able to pull all reports for a certain date for a particular hour.
You don't need custom formula field to filter report - just pull Created Date field into the report filter's and do not use Date field filter above it:
Created Date greater than "5/03/2017 2:50 PM"
But you need that Date/Time custom formula field to show time on the report.