Mark-Kashman wrote"the new date/time picker has been revamped to be both more performant and provide great options for how it appears per regional format/preference. I believe it's a local setting selection per list, not derived off of other systems or services. Thanks, Mark Kashman (Lists PMM)"
This may not be a sufficient solution. Users outside the US already have to make manual changes to local settings on EVERY SharePoint site, EVERY Team, EVERY Private channel, EVERY Form, to fix incorrectly-formatted dates. This is not good enough as it takes a lot more technical expertise than most of our users have to find and correct those settings. This is such a huge step back from Windows API behaviours, that it makes moving things to Microsoft 365 cloud services less attractive because of all these "gotchas" which are expensive to fix, and are wasteful of resources as they have to be fixed in every non-US implementation around the globe instead of being fixed at the source.