For a differential equation like $\dot{x}=ax$ where $x$ is a function on an independent variable $t$, and $\dot{x}=\frac{dx}{dt}$, and $a$ is a constant, we define the time-scale $\frac{1}{a}$, which if $a$ be a negative real number we can look at this concept as the half-life time of $x$ over $\ln 2$. And you know half-life time means the time you need to loose half of your initial amount of $x$. As you can see it at the following calculation.
Let $a=-k$ where $k\in\mathbb{R}^{>0}$. From our differential equation we have $x=x_0e^{-kt}$ so if I show the half-life time by $\tau_{\frac{1}{2}}$ then $$\frac{x_0}{2}=x_0e^{-k\tau_{\frac{1}{2}}}\Longrightarrow \ln 2=k\tau_{\frac{1}{2}}\Longrightarrow \tau_{\frac{1}{2}}=\frac{\ln 2}{k}$$ With this concept time-scale we do many things, one is choosing the step size for numerical simulation of our differential equation using Euler method for example. Or if we have a system of differential equations in the form above, we say which one has a faster effect on our populations by comparing time-scales of each present differential equation.
But what should I define time-scale for a general form of a differential equation which at least do those two works for us that I mentioned?
I think what you introduced above would be meaningful in any kind of differential equation coming from evaluating some real event, whether it be in biology or chemistry or physics ..., but for example, it would have a regularity in periodic DE. So that if it's negative then you loose and if it's positive you get. But if you wanna define it, I think the possible right definition can be: "the effectiveness of constant coefficient of time depending on what's being evaluated"