TextField for allowing users to add an amount of time in decimal and time format

I am trying to implement a TextField that allows users to specify the amount of time it will take to complete a project.

I want them to be allowed to add the time in both formats:

1. 1.5
2. 1:30

I am having struggle because of my Formik and Yup integration. I am using Material UI but MUI's time pickers only allow the time format.

My validation schema:

const RegisterSchema = Yup.object().shape({
  estimatedhours: Yup.number().positive('Must be positive').max(99999)
});

My formik integration:

const formik = useFormik({
  initialValues: {
  estimatedhours: data?.proj_estimated_hr || '',
  },
  validationSchema: RegisterSchema,
  onSubmit: async (values, { setErrors, setSubmitting }) => {
    try {
      // the rest of the code
    } catch (error) {
      console.error(error);
      if (isMountedRef.current) {
        setErrors({ afterSubmit: error.message });
        setSubmitting(false);
      }
    }
  }
});

My textfield:

<TextField
  fullWidth
  label="Estimated hours"
  type="number"
  value={formik.values.estimatedhours}
  disabled={isSubmitting}
  {...getFieldProps('estimatedhours')}
  error={Boolean(touched.estimatedhours && errors.estimatedhours)}
  helperText={touched.estimatedhours && errors.estimatedhours}
  onInput={(e) => {
    e.target.value = Math.max(0, parseInt(e.target.value, 10)).toString().slice(0, 5);
  }}
/>

I don't want to allow the user to also be able to type 1.5 if they already typed 1:30 and vice versa.

I would love a pre-built library to handle this or if anyone has already made a custom solution for this. I am not that good at development and if someone already has put something on npm, they don't explain it very well how their solution works.