には often translates to something like “for”.
In this case it’s for the 時 that it’s attached to, which is defined by a relative clause.
So it’s “for such a time as when…”, or just “when”.
The relative clause that defines the 時 uses the …たり…たりする pattern to express one or more examples for actions that may be happening in parallel. Since there are two parts here: “When (part before the comma) or (part after the comma), …”
Both parts use 思える (the potential form of 思う but often “to seem like”). So these are two representative impressions one might have that define the 時.
The first impression is 恋愛が峠を超えた “love has passed its peak”.
The second impression is これは失敗だった “this was a failure”.
The comment on the 時 is missing. Since the sentence ends on the には my guess is that the comment is actually the preceding sentence. E.g. if the preceding sentence is a suggestion like “you should eat lots of chocolate”, the translation might be something like “When it feels like love has passed its peak or that you failed, …”.