Offset from UTC
Specifies the offset from UTC for this device. Offset can range from -12 hours to 14 hours. Very rarely, a time zone can also have an offset in minutes (15, 30, or 45). You can use this value to modify the time and date (generally expected to be UTC) to compensate for time zones and daylight savings time. Wikipedia provides a list of time zone offsets at: https://en.wikipedia.org/wiki/Lists_of_time_zones
On a device with no real-time clock (RTC) and no configured time source, time and date are completely local to the device and have limited usefulness since they are not persistent over reboots/power-cycles.
On a device with a real-time clock and no configured clock source, time and date are also local to the device but they are meaningful because they are persistent. The offset option could be useful in adjusting for daylight savings time. Setting the date and time to standard time and setting offset to 1 whenever daylight savings time is in effect would serve that purpose.
On a device with a configured clock source, time and date received from a clock source is expected to be UTC. For users with several devices in different time zones, keeping offset=00:00 might be useful for comparing logs or traces from different devices, since all would be using UTC.