I found the culprit.
If there is no /usr/sbin/ntpd, then it isn’t shown in LuCI. Once I created symlink, it’s there.
symlink -s /sbin/ntpd /usr/sbin/ntpd
It seems that it should work. I checked to provide NTP server and I see that it should be running:
root@turris:~# netstat -l | grep ntp
udp 0 0 :::ntp :::*
This is an issue across all Turris OS versions.