It's worth sanity checking statistics - 340000 hours is equal to nearly 39 years, which seems a bit on the high side for a single school in a single year...
Actually if taking attendance takes 5 minutes of class time (which it easily can with a class size of 30), then all students are blocked from being taught while the teacher is busy so it does make sense to count that as (n+1) * 5 minutes where n is the number of students.
Fingerprint scanners for attendance would both speed up and parallelize this operation.
The claim seems to be that if I waste an hour of my time and an hour of yours, then that's two hours down the drain. I agree with it. (Although it seems to be missing * 5 days in a week.)