I say this in threads whenever this concept comes up, but I doubt the feeling has anything to do with something intrinsic in the brain, but is just representative of the variety of novel activities you do, and for most people their novel activity seeking wanes as they get older. Giving your brain more time to go on "auto pilot" and lose track of time.
The year I spent at a desk when I was 24 feels significantly shorter than the 3 months I spent at 39 traveling in strange lands.