Hi All, Is there any standard configuration available at employee record level where we can provide default hours that will be used to set the hours while creating timesheet?

No. The only thing similar to this is using the planned time from a project task on a timesheet. But not from an employee You could try to add a custom field to the employee record and source it into a time entry via workflow but it would only be a default time per time entry Scripting could help make it more dynamic