Time to take in film, ensconced in Peg’s sofa (4-1-4)
I believe the answer is:
tete-a-tete
'sofa' is the definition.
(I know that tete-a-tete is a type of sofa)
'time to take in film ensconced in peg's' is the wordplay.
'time' becomes 't' (abbreviation).
'to take in' becomes 'eat' (to eat is to take in food).
'film' becomes 'ET' (E.T. the Extra-Terrestrial).
'ensconced in' means one lot of letters goes inside another.
'peg' becomes 'tee' (tee is a kind of peg).
't'+'eat'+'et'='teatet'
'teatet' placed into 'tee' is 'TETE-A-TETE'.
(Other definitions for tete-a-tete that I've seen before include "Private conversation between two people as in France" , "Private couple's conversation" , "Private meeting" , "One-to-one meeting" , "Informal chat" .)