When you switch it off with on-off knob does the pressure drop? If so how quickly?
Is it an oil-less compressor or a piston type?
That may be the type that runs continuously.
As rtbcomp, if it drops pressure when you asjust the knob on the top of the pump, them it is working as it should.
Look for a sight glass on the pump or a drain/fill plug for oil.
That is a different version with a on/off pressure control switch.
Has yours got a plastic box with wires & tubes going in and out of it?
The nut on the back of the round yellow bit will most likely be a blanking plug - don't unscrew it with pressure in the tank.
From the Google search there appears to be a 2hp version too.
Even so I would expect it to fill a small tank like that to about 10 bar in less than 10 mins??
It sounds to me like there's a small leak in the diaphram.
You "drain daily" to remove moisture; compressing air squeezes the moisture out of it and it collects in the receiver. If you don't drain it you lose capacity, the receiver may rust and you get too much moisture in the air output.