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Hi Eirik,
Thanks for reporting this issue. While I following your steps to do the test. Here is the list with a start time and end time:
The Start and End are typed date.
The Calculation field is calculated data which equals Start.
Could you share more about the event/calendar list and the column add to the list?
I also tested event in the calendar. I open the group calendar and add a meeting set to a 12:00 PM(My timezone was changed to UTC+0), then the calendar shows the meeting starts 4:00 AM, which is correct for the timezone of the site(UTC-8). SharePoint shows the time according to the site timezone, which site admin can change it in Site Settings > Regional Settings.
Regards,
Alex