Simple meters that merely accumulate net exchanged energy have no time issues. Ones that accumulate in separate bins for import and export, 4 quadrants, or other multi-bin schemes can have a sampling time element in their behaviour with dynamic loads. However, I have never seen one where time resolution below 1 second will make any difference.
Yeah. Any modern meter would meter to separate "bins" or "registers" for import and export, real and reactive power.
At any single point in time, there is only "power", a 1-dimensional scalar value, the physical quantity: P = E/dt = U*I.
But a modern meter can then choose to accumulate the value in a separate counter based on the sign. As meters would sample at least thousands of times per second, during any longer time period (even just 1 second) there can be both import and export. Now the key question is, how is this billed? Now this stops being physics and engineering, and becomes an arbitrary choice and varies by country, region, company, sometimes there is legislation involved, sometimes just convention. And it seems that knowledge and discussion always stops here. Many are well able to explain how the energy registers are accumulated, but given place X on Earth it seems
no one knows how that data is used to calculate the billing. Which is weird because usually people are quite interested in their contract terms and reasoning for their bills, like you wouldn't accept buying bananas and getting a random bill and then just speculate over the Internet about potential accuracy issues in the amplifiers used in digital scales.
I'm nearly able to answer how it works in Finland: on some customers, net (import + export) is calculated for each hour, resulting in one scalar for that hour. For others, the net is calculated for each 15 minutes, resulting one scalar for 15 minute period, or, if looked at hourly data, both import and export on same hour is again possible. This means you can export excess PV to grid at 1kW for 7.5 minutes and then import 1kW for another 7.5 minutes and be billed for zero. Then again, even I don't know if I'm being billed on the 1-hour or 15-minute net period.