This is still an issue, nearly 7 months later. They briefly fixed it, and it's back to being a problem.
Create an event, it shows in EST. Go in and edit the event, even if I'm just adding a note, or adding someone as an attendee to a meeting, and it defaults to UTC and disappears from it's slot in my calendar. And the worst part is I HAVE NO CONTROL OVER IT. When I go in to edit, it doesn't say anything about time-zones...it just shows the time I originally set it as (EST), then moves it to whatever that time was UTC.
I have missed meetings as a result of this nonsense. Further, I have made a LOT of noise at my org to switch away from MS, because Zoom is clearly better (not just for this, but for many many other reasons). My org has over 100k employees, and I am doing my best to get us to drop you for Zoom. Fix your UTC nonsense, normalize the interface between the app and web version, stop assuming I'm making a 30-min meeting just because I clicked a time, stop reporting me as "away" when I'm on the phone just because my mouse didn't move, stop automatically adding "reminders" to everything I put in my calendar, and that nonsense Copilot thing that records everything I do on the computer? Yeah, not a fan of that either. I don't need a bell going off every 45-min just because something is in my calendar...I'm an adult; I can read a calendar. Microsoft: we assume employees are morons and think productivity is measured in how often you use your mouse. Blech.