It's not good English but, yes: If interstellar travel is conducted as a fixed velocity (say, 1 km per hour), then to say that Hoogabooga is 12 km away is the same as saying that it is 12 hours away. Indeed, we do sometimes refer to distance as time, such as when we say that our workplace is just 20 minutes from home.

Of course, if travel is at a fixed rate, then making the Kessel run in 12 parsecs wouldn't be worth bragging about -- it always takes 12 parsecs.