You should at least do the basic filtering and counting in the SQL query. With a simple predicate, Oracle can decide whether to use an index or a partition and potentially reduce the database processing time. And sending fewer rows will significantly decrease the network overhead.
For example:
select trunc(the_time, 'MI') the_minute, count(*) the_count
from test1
where the_time between timestamp '2021-01-25 10:00:00' and timestamp '2021-01-25 11:59:59'
group by trunc(the_time, 'MI')
order by the_minute desc;
(The trickiest part of these queries will probably be off-by-one issues. Do you really want "between 10:00 and 12:00", or do you want "between 10:00 and 11:59:59"?)
Optionally, you can perform the entire calculation in SQL. I would wager the SQL version will be slightly faster, again because of the network overhead. But sending one result row versus 120 aggregate rows probably won't make a noticeable difference unless this query is frequently executed.
At this point, the question veers into the more subjective question about where to put the "business logic". I bet most programmers would prefer your Python solution to my query. But one minor advantage of doing all the work in SQL is keeping all of the weird date logic in one place. If you process the results in multiple steps there are more chances for an off-by-one error.
--Time slots with the smallest number of rows.
--(There will be lots of ties because the data is so boring.)
with dates as
(
--Enter literals or bind variables here:
select
cast(timestamp '2021-01-25 10:00:00' as date) begin_date,
cast(timestamp '2021-01-25 11:59:59' as date) end_date,
30 timeslot
from dual
)
--Choose the rows with the smallest counts.
select begin_time, end_time, total_count
from
(
--Rank the time slots per count.
select begin_time, end_time, total_count,
dense_rank() over (order by total_count) smallest_when_1
from
(
--Counts per timeslot.
select begin_time, end_time, sum(the_count) total_count
from
(
--Counts per minute.
select trunc(the_time, 'MI') the_minute, count(*) the_count
from test1
where the_time between (select begin_date from dates) and (select end_date from dates)
group by trunc(the_time, 'MI')
order by the_minute desc
) counts
join
(
--Time ranges.
select
begin_date + ((level-1)/24/60) begin_time,
begin_date + ((level-1)/24/60) + (timeslot/24/60) end_time
from dates
connect by level <=
(
--The number of different time ranges.
select (end_date - begin_date) * 24 * 60 - timeslot + 1
from dates
)
) time_ranges
on the_minute between begin_time and end_time
group by begin_time, end_time
)
)
where smallest_when_1 = 1
order by begin_time;
You can run a db<>fiddle here.