Is there a better way to process datetime strings in templates?

Code:

<span data-xf-init="tooltip" title="{{
    phrase('date_x_at_time_y', {
        'date': date($cache_date),
        'time': time($cache_date)
    })
}}">

This is what I am doing right now to add a time tooltip in a template. Is there a better way to do this?

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