When you tap, it will open the Clock app on the Alarm page. If the alarm is already set, the widget will display the day of the week and the time it will ring.
Yes, you can already see the time of the upcoming alarm on the lock screen, but, as we think, this line is part of the lock screen, not the Google’s At A Glance widget, and exists separately.
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My guess is that in future builds of Android, Google will remove this line from the lock screen and only offer an option from the At A Glance widget, because right now (on the lock screen) it looks like two identical lines (proof in the comments).
