A brief stop can show the main rift and viewpoint, while the history becomes clearer when you can walk through the assembly area without rushing.
Allow about 45-75 minutes for Hakið, part of Almannagjá and a focused look at the historic setting. This is enough for a compact visit, but it leaves little room for Öxarárfoss, the church, the visitor-center exhibition or time beside the lake.
A more useful first visit takes roughly 1.5-3 hours. That gives you time to walk through Almannagjá, stop at Lögberg, continue across the assembly site and add one or two features at a comfortable pace. A half day makes sense when longer trails, the exhibition, lake context or a booked activity are central to the visit.
Treat these as rough time estimates. Ice, wind, path work, parking choice and your group's pace can change both the route and the time needed.