I just tested now again.
Unplugged from power, re-plugged it.
1. Yes, the time is correct during the LCD displays ‘NTP syncing’.
2. The time changes to wrong value immediately after NTP syncing.
Waited a few minutes. Unplugged from power, re-plugged it. Now it fixed itself:
1. The time is the same as before cutting the power (the wrong value) during the LCD displays ‘NTP syncing’.
2. The time changes to good value immediately after NTP syncing.