I found this issue when trying to see why ArtistData events were off.
Problem: It is 2:20pm right now in San Francisco (UTC-8)
In Settings->General the clock shows 4:44pm. Time zone is set to (UTC-8).
Note - this is not just a time zone issue, as the clock is wrong not by an integral number of hours. It is 2 hours and 24 minutes off.
Also, the UTC time is displayed as 0:44, which is also wrong.