if condition not reevaluating on google sheet based off NOW() and time

I have a cell P2 with the NOW() function and formatted to display time.

=NOW()

I also have another cell with a If condition that evaluates the time from P2 now() compares against a set time 1400 in this case and sets the Cell to be TRUE or FALSE

=if(P2<time(14,0,0),TRUE,FALSE)

I set the spreadsheet's refresh rate to be every minute.

Before 1400, I was expecting it to set to TRUE Once the time is past 1400, I was expecting the cell to update to FALSE

This is where I see a problem, the cell doesn't reevaluate the time based off the spreadsheet refresh settings. If I paste in the same formula it'll reevaluate at the new cell to show the expected results.

How can I get the spreadsheet to reevaluate the time based off the NOW() and Time functions?

Thanks