It sort of hallucinated and actually cited this thread as a reference!
Is there time dilation in a stable orbit around a black hole?
Yes, there is time dilation in a stable orbit around a black hole. According to the theory of general relativity, time slows down near a black hole due to the extremely strong gravitational field of the black hole. This phenomenon is due to the gravity of the black hole curving spacetime in a way that affects all measurements of time and space near the black hole 1.
In fact, the closer you get to a black hole, the stronger the gravitational pull becomes, and the more time slows down. This effect is known as gravitational time dilation 1.
While it is not possible to orbit just above the Schwarzschild radius of a black hole, if an object is in a stable orbit around a black hole, it would experience centripetal acceleration from the continual changes in direction which would cancel out exactly the accelerative pull into the black hole 2.
I hope this helps!
Learn more
1 profoundphysics.com
2 democraticunderground.com