No. No time-jump. It's all contracted. And you know what? While I'm still quite miffed about the way they had Galadriel end up in Númenor, I've warmed up a bit to the show. I wish the dwarves in the second episode were a bit more than comic relief but at least they're well-portrayed.
I quite like Arondir's arc so far.
We got spoken Quenya (though I wonder why Nandor would speak that, and not some dialect of Sindarin) and lots of namedrops from the First Age.
One other thing I found weird (in the 2nd episode) was Celebrimbor referring to Fëanor like it was just any elf. He could at least passingly mention that Fëanor was his grandfather and that this hammer was the closest thing to a family-heirloom. Establishing that close family-link would add some gravitas to Celebrimbor's character.
I'll keep watching. I might just end up liking it.