In the equation
$$
\mathbf{Q} = (1-t)\mathbf{P}_1 + t\mathbf{P}_2
$$
the $t$ represents fractional distance along the line segment from $\mathbf{P}_1$ to $\mathbf{P}_2$.
To see this, rewrite the equation as
$$
\mathbf{Q} = \mathbf{P}_1 + t(\mathbf{P}_2 - \mathbf{P}_1)
$$
This equation says ... go to $\mathbf{P}_1$, and then move by a fraction "$t$" of the vector from $\mathbf{P}_1$ to $\mathbf{P}_2$. Or, more briefly, go "$t$ of the way" from $\mathbf{P}_1$ to $\mathbf{P}_2$.
The time idea works, too. Suppose you are moving at constant speed along the line from $\mathbf{P}_1$ to $\mathbf{P}_2$, and you use a time scale such that $\text{time} = 0$ at $\mathbf{P}_1$, and $\text{time} = 1$ at $\mathbf{P}_2$. Then, at time $t$, you will be at the point $\mathbf{Q}$.
Actually, the $t$ value does not need to be between $0$ and $1$. By using a value larger than 1, you can extend a Bezier curve (rather than dividing it internally, which is what you'd get if $0 < t < 1$).
If you're studying Bezier curves and surfaces, you really need to make sure you get this idea, because it's the foundation of everything. There are some nice animations on this page that might help.