Whenever I use something like {{#timel: r}} or {{#time: r | now | en | 1}}, it outputs the current date and time using the wiki's timezone instead of the user's timezone set in Special:Preferences. This does not behave as expected according to the documentation for #timel, which currently states that "it always uses the preferred time zone of the user or the configured time zone of the wiki". Since #timel is described as effectively #timel but with the local parameter set to true, it is reasonable to believe that #time would also use the user's timezone.
The code currently only uses the value of $wgLocaltimezone and some server value if that is not set (per commit 1430c5a: ParserFunctions.php line 523). When the documentation for #timel was "clarified" to say that it follows the user's timezone (revision 6259692, 11 December 2023), the version of ParserFunctions at the time (commit bccd783, 22 November 2023) also only uses $wgLocaltimezone and some server value (per that commit's ParserFunctions.php line 523).
I initially thought that #time with local/#timel not using the user's timezone was a bug, but according to two Phabricator tasks (T9133 and T34923), this appears to be known? I'm not sure if a lack of support for the user's timezone is intentional or not, can someone clarify whether or not it is?