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Good question. I would imagine that for the majority who use the term, it constitutes around two hours of eight tenths driving. That's certainly what it means for me, in any case.
By this measure after 4 years of competitive racing my car has never done a track day. I use 13 gal of gas in an entire race weekend, but that is pretty much 4 or 5 sessions.
To the OP that is a reasonable definition. There are events that distort what is reasonable. eg: I did an event in Germany years back where we were on track for almost 12 hours a day. ( I was really tired too!). I think saturation happens over 2 hours unless there is serious test/tune going on and that is for car development not driver training.