I lean towards the same explanation. I look at it from the perspective of how many memories are created in a unit of time. I've read when your adrenaline is pumping you create many memories. This makes the situation feel like it lasted for a lot longer than it actually did.'
You probably don't create many memories when you do routine things. During sleep you hardly create any memories. That's why time feels like it passed quickly during those activities. Unique and exciting events do create many memories though, so time feels like it passes slower during them.
At least this is the reasoning I've come up with for myself from what I've read.
' It fits well with the perception that music plays slower during exercise.