Postgres 14

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WITH yourTable AS (
    SELECT '2022-07-09 16:36:05.990'::timestamp AS time, 'OFF' AS action UNION ALL
    SELECT '2022-07-10 09:01:28.263'::timestamp, 'ON'  UNION ALL
    SELECT '2022-07-10 12:40:42.759'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-10 13:21:12.208'::timestamp, 'ON'  UNION ALL
    SELECT '2022-07-10 13:21:12.261'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-10 13:21:23.225'::timestamp, 'ON'  UNION ALL
    SELECT '2022-07-10 16:47:10.393'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:45:09.033'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:45:10.439'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:45:10.441'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:48:26.640'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:48:28.070'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:49:37.502'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:49:37.503'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:49:38.892'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 13:49:38.895'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 15:57:09.478'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 15:58:00.995'::timestamp, 'ON'  UNION ALL
    SELECT '2022-07-11 15:58:01.048'::timestamp, 'OFF' UNION ALL
    SELECT '2022-07-11 15:58:12.055'::timestamp, 'ON'
),
cte AS (
    SELECT *, ROW_NUMBER() OVER (ORDER BY time) rn1,
              ROW_NUMBER() OVER (PARTITION BY action ORDER BY time) rn2,
              LEAD(time) OVER (ORDER BY time) lead_time
    FROM yourTable
)

SELECT MIN(time)::text || ' - ' || MAX(lead_time)::text AS range,
       'OFF' AS state
FROM cte
WHERE action = 'OFF'
GROUP BY rn1 - rn2
ORDER BY MIN(time);

range	state
2022-07-09 16:36:05.99 - 2022-07-10 09:01:28.263	OFF
2022-07-10 12:40:42.759 - 2022-07-10 13:21:12.208	OFF
2022-07-10 13:21:12.261 - 2022-07-10 13:21:23.225	OFF
2022-07-10 16:47:10.393 - 2022-07-11 15:58:00.995	OFF
2022-07-11 15:58:01.048 - 2022-07-11 15:58:12.055	OFF