This timer module is a very common component used in a wide range of European ovens and possibly in other parts of the world too. It seems to be prone to progressive failure, with the display getting dimmer and dimmer until it just stops working completely.
A replacement unit costs anywhere between £40 and £100 depending on where you buy it, and if you get an appliance service engineer in to change it the cost will be even higher.
These things are easy to change. Once accessed they simply unclip and the connections are a few spade terminals that just pull off. As usual, you should take a picture of the way the wires are connected before disconnecting them. But in this module there were just four wires. Live and neutral to power the unit and two connections to the relay contacts that obviously switched power to the oven.
In this case the metallised film X2 capacitor used as a capacitive dropper power supply had dropped in value from its original 330nF to just 56nF which meant there simply wasn’t enough power to run the clock/timer circuitry any more. Note that for different styles of timer (some have two relays) and different supply voltages, the dropper capacitors value may be different.
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