The current effect is correct, as you can see in various pages notes and decklist with Time Wizard (anime) in it, Time Wizard is a Spell card (and clearly referenced in the manga) which use the ocg version proxy (it happened quite a few times for various cards, like Mystical Elf being showed as a normal monster despite having an effect)
We don't know why Time Wizard is listed as a monster in the main page despite the notes on other pages