I think I am seeing the same problem (in Tumbleweed).
I know why. I accidentally forgot to check the “HW clock uses UTC” box during install. There ought to be a way of fixing that short of a reinstall. I’ve changed everything that I know about (including “/etc/adjtime”).
Right now, I have “ntpd” service disabled. That way, the harware clock stays correct but system time is 5 hours off. If I run “ntpd”, then system time is correct, but hardware clock time is reset to 5 hours off.
Is systemd setting the clock offset somewhere that I don’t know about?