I agree with the comments that this issue is still standing and is problematic for all the reasons. Outlook web calendar, teams, Outlook (client), and the phone app do work in synchronization. They show different times and also external parties, especially those that are based off-shore do not get the correct time.
Initially, as a fallback method - I had advised my users to use UTC +12 as an interim solution to sort out their meeting invitations as that timezone was giving the correct local time and with this particular timezone not observing DST, things were looking slightly better for one week until some of them reported that the calendars have unsynced again.
Looking forward to an update released via Windows Update as this messes up the entire work schedule and it gets really difficult to keep track of meetings, appointments, etc.