Once you change the domain name in the Salesforce Lightning component, some org might take about 24 hours to update the records in Salesforce.
The Salesforce Administrator gets an email once the domain name is set for the org, please click the "Deploy it to all users" button and deploy the domain name to all Salesforce users once the domain name is set for admin ID.
Click here to know more about adding the domain name to your Salesforce org.
Once the domain name is set and deployed to all users, you will not see the message "A Component Error has occurred!" when you try to access the TimeTracer configuration screen.