I made up for lost time.
時間 + 埋め合わせる is a bad collocation. The more natural collocation is:
埋め合わせる as “to make up for” is mainly used for 損失 (deficits) etc. because 埋める means “to fill the gap” or “to cover the dent by sand”. We regard “running a deficit” as a “dent”. So, making profits in order to offset deficits exactly matches the image of 埋め合わせる.
On the other hand, 失った時間 (probably due to juvenile delinquency or memory loss) cannot be filled with something else from our perspective. “Making up lost time in the past” is achieved by “spending more efficient time on meaningful purposes from now on”. It’s like a recovery shot in a golf game. So, we say 失った時間を取り戻す.