Let's put ethics aside for a moment.
Imagine that for a year, every night you have a dream. This dream seem to take 1 day but every morning, you forget almost all of it, like it is usually the case. Now, they give you a drug that make these dreams feel like 1 week. Would the year with the drug feel longer than the year without the drug ? No, because the dreams are forgotten anyways.
Another example : If you went to an amusement park, you may have waited in line for maybe 1 hour for a 1 minute ride. A minute waiting probably feels much longer than a minute riding. Yet, at the end of the day, the wait time almost vanished and it seems like you spent your time doing rides.
This is not time dilatation like in Einstein's relativity where a second have a strict definition. Humans have plenty of different "clocks" for different things and different scales, all using different references. Using hallucinogens to mess up with some of these clocks won't necessarily make the others follow.
If you are still unconvinced you can make a parallel with size instead of time. A drug that make you feel like object are much larger than they really are don't mean that they also seem more distant. Even if it would seem like a reasonable conclusion, our brain doesn't work like that.