Sarah,it is high time that you ---;or you won`t have time to

It is high time that sb.should do sth.
用虚拟语气,此句的should不能省,
如果省了should,后面的动词就应用did
这里的that可有可无.
It is (high) time that 后面的从句谓语动词要用过去式或用should加动词原形,但should不可省略.
It is time that the children went to bed.
It is high time that the children should go to bed.
所以选选项2