DATETIMEVALUE Formula Returns Incorrect Time Zone in List Views and Related Lists

When a custom formula field uses the DATETIMEVALUE() or TEXT() function to access a DATETIME field, and that formula field is displayed in a related list, list view, or report, the date and time shown is in GMT (Greenwich Mean Time) rather than the user's local time zone. This is known, expected behavior in Salesforce.
This issue occurs when both of the following conditions are true:

• There is a custom formula field that accesses a DATETIME field using TEXT() or DATETIMEVALUE(); and
• That formula field is displayed in a related list, list view, or report.

Example: Consider a "Time Sheet" parent record with "Time Entry" child records displayed in a related list. If the "Time Entry" object has a DATETIME field called "Start_Date_Time__c" and you create a formula field using TEXT(Start_Date_Time__c), the related list will display the date and time in GMT, not the user's configured time zone. For instance, if a user in the GMT+8 time zone logs an entry at 3:00 PM local time, the formula field may display 07:00:00 (the GMT equivalent).