Pleases terribly, but it passes (7)

I believe the answer is:

elapses

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'passes' is the definition.
(I know this)

'pleases terribly' is the wordplay.
'terribly' is an anagram indicator.
'pleases' is an anagram of 'ELAPSES'.

'but it' is the link.
This may not be correct. Some or all of it may belong to another bit of the clue.

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(Other definitions for elapses that I've seen before include "Slips away" , "Passes (in time)" .)

I've seen this clue in The Irish Independent.

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