Several years later, I am noticing the same issue on SCCM 2012 R2 SP1. The correct time is 8:26:50... For some reason TS sets it to 3 hours later... No idea why. The client I am testing on is a Hyper-v 2012 R2 VM.
==========[ TsProgressUI started in process 1044 ]==========
TsProgressUI
8/14/2015 8:26:50 AM
1048 (0x0418)
Command line: "X:\sms\bin\x64\TsProgressUI.exe" /Register:WinPE
TsProgressUI
8/14/2015 8:26:50 AM
1048 (0x0418)
Registering COM classes
TsProgressUI
8/14/2015 8:26:50 AM
1048 (0x0418)
sbModulePath = X:\sms\bin\x64\TsProgressUI.exe
TsProgressUI
8/14/2015 8:26:50 AM
1048 (0x0418)
Unregistering class objects
TsProgressUI
8/14/2015 8:26:50 AM
1048 (0x0418)
Shutdown complete.
TsProgressUI
8/14/2015 8:26:50 AM
1048 (0x0418)
Process completed with exit code 0
TSMBootstrap
8/14/2015 8:26:50 AM
568 (0x0238)
Successfully registered TS Progress UI.
TSMBootstrap
8/14/2015 8:26:50 AM
568 (0x0238)
Setting time zone to 360,0,-60,0,11,0,1,2,0,0,0,0,3,0,2,2,0,0,0,Central Standard Time,Central Daylight Time
TSMBootstrap
8/14/2015 8:26:50 AM
568 (0x0238)
Setting time zone info to: 360, Central Standard Time, [0 11 0 1 2 0 0 0], 0, Central Daylight Time, [0 3 0 2 2 0 0 0], -60
TSMBootstrap
8/14/2015 8:26:50 AM
568 (0x0238)
TimeZone successfully set
TSMBootstrap
8/14/2015 11:26:50 AM
568 (0x0238)
Found network adapter "Intel 21140-Based PCI Fast Ethernet Adapter (Emulated)" with IP Address 138.236.1.207.
TSMBootstrap
8/14/2015 11:26:50 AM
568 (0x0238)
Starting Task Sequence Manager.
TSMBootstrap
8/14/2015 11:26:50 AM
568 (0x0238)