Hm, I don't think these are misconceptions or even
falsifying the understanding we have of the world.
I'd call it a band aid to a harsh reality.
Sure "You're running out of time" does translate into: You are too slow to finish your project. Instead of admitting to that, you'll say "I'm running out of time" a) to blame something else
and b) it sounds nicer and is more polite.
In essence, I wouldn't call it inaccuracy of language
since it is a politer way to communicate.