Use sunset as your turnaround alarm.
The reason to do this one is elevation, not distance. You climb a short ravine and pop out on a flat mesa top with fingers of rock running out to promontories, so you get to look down on Kodachrome's sedimentary pipes rather than up at them. The park counts 67 of those spires, and the layered rock below you covers roughly 180 million years. Gates are posted 8am to 6pm, so morning is the better light window.
Fins and hoodoo balconies above the basin in 45 minutes.
Heat note: desert country - in summer start at dawn and carry more water than feels reasonable.
Water bottle, sunscreen, hat, snacks, comfortable shoes.
Make it a weekend: Sunset Campground (Bryce) (Camping, 13 mi) · North Campground (Bryce) (Camping, 13 mi) · Wide Hollow Reservoir (Fishing, 27 mi) · Sevier River (Upper) (Fishing, 28 mi)
More hikes nearby: Peekaboo Loop (Hike, 12 mi) · Mossy Cave & Waterfall (Hike, 12 mi) · Queen's Garden + Navajo Loop (Hike, 12 mi) · Fairyland Loop (Hike, 13 mi)