Early Postscript printers (the only printers that matter) had 13 "fonts" - which were three typefaces, Courier, Helvetica, Times Roman, each in roman, italic, bold, and bold-italic, plus Symbol. For decades Helvetica and Times were the standard fonts for newspapers and magazines, and Courier was similar to typewritter fonts. So when printers came to businesses, you got the same font choices. Courier was obviously not going to be used, except for marking up drafts or other specialty uses, and that left Helvetica and Times. Research showed that serifs helped ease of reading, so Times was the choice.
Now that does not mean that Times was the best choice for reading on-screen (the lower resolution caused the serifs to be a hindrance to legibility) and it doesn't even mean that of all serif fonts, Times was the most legible font, the most beautiful font or the best choice for business communications. It was invented for use in newspapers to be compact and save paper. But it was the standard.
Now here's a sidestory. The original font design was made by the Times (not the New York Times, rather the Times of London) ... in conjunction with Monotype, not Linotype. Their font was called Times New Roman. When Linotype made their version of the font, they simply called it Times (or Times Roman) and the font metrics were different. Times was the font that was licensed to Adobe and Apple for use in Postscript, so it was the standard. When Microsoft made Windows 3.1, they were too cheap to license real Times from Linotype, so they went to Monotype and had them modify the original Times New Roman font to be print-compatible with Times. So that documents created with one font would have the same line breaks and page breaks as the other. So Times New Roman is in a sense the original font, and in another sense a knock-off of Times. (The same is true of the other knock-off fonts included by Microsoft - Arial and Courier New.)
Microsoft, being cheap, until the mid-2000s never bothered to license any good fonts. The other fonts it started to ship with its products like Verdana and Comic Sans were even more hideous. As people need to use fonts available on all computers, the obvious choice is Times New Roman.
At a certain point, Microsoft realized enough was enough and gave us Calibri and Cambria which are not too horrible. Does that help?