It might be best to read my last two paragraphs first. (I started with general relativity and ended up with special relativity. It didn't occur to me that the question was probably intended to be about special relativity until I had written the whole thing.)
In what way is time an actual thing? Time is a measurement between events and therefore can’t exist only in the present event. How can something that is purely a conceptual measurement with no actual existence be a dimension? (IMO)
First, let's note that what you've said there would make just as much (or little) sense if "space" were substituted for "time" throughout.
Second, let's note that the four dimensions we're talking about here correspond to the four coordinate axes of a locally Lorentzian manifold. What that means, roughly, is that we can map the immediate neighborhood of every event (or point) into a small region of Minkowski spacetime with minimal distortion that goes to zero in the limit as we approach the event (point). What's more, these event-centered maps change smoothly as we go from one event (point) to a nearby event (point); that means some of the concepts familiar from freshman calculus carry over in a suitably generalized form.
In particular, we still have a suitably generalized notion of the metric distance between two nearby events (points). Roughly speaking, we can define the distance between two sufficiently nearby events (points) by mapping them into Minkowski spacetime and using the Lorentz metric there as an approximation to the metric distance between them. That approximation gets worse as events become more widely separated, but there are mathematically rigorous ways to deal with that using a suitable generalization of freshman calculus.
The generalization from freshman calculus to differential geometry is not easy, but it was done more than a hundred years ago and the theory has been simplified and extended since then. To a great extent, therefore, your question reduces to a question about the flat Minkowski spacetime used in special relativity.
In Minkowski spacetime, we can choose a single coordinate system in which every event (point) is assigned 4 coordinates of the form (t, x, y, z). The square of the metric distance between two points is the sum of the squares of the differences between their spatial coordinates x, y, and z minus the speed of light squared times the square of the difference between their time coordinates t. The special treatment of the time coordinate in that calculation of the metric distance is what makes Minkowski spacetime non-Euclidean and hard to get used to. It really is a different kind of geometry; Euclid's fifth axiom does not hold.
If you leave out the time coordinate t, then the three remaining coordinates (x, y, z) approximate a conventional Euclidean space. That Newtonian approximation works fine so long as nothing is moving very fast. When things are moving at relativistic velocities, however, then you have to start thinking of time as a 4th coordinate and use the spacetime metric and geometry instead of using just the spatial metric and geometry; otherwise your calculations will yield results that disagree with experiment and other manifestations of what we believe to be reality.