The date/time is the same. A Timestamp that a file has in NTFS is the number of 100-nanosecond intervals that have elapsed since 12:00 A.M. January 1, 1601 (UTC).
So Time and Date are not set separate. it is one very big value.
So a step further: When I now change the time on that Jan. 5 file to 2:47p, the "correct" time of 1:47 displays (the time I entered).
But what happens when we go on standard time? I think it will say the wrong time (2:47).
And therefore, I think the rule is... when I enter a new time, the current regime (DST vs. Standard) will control rather than the date on the file.
"Adjust for DST" is only for display in filelist.
The problem is that local time is used when settings the timestamp. Sometimes you might want to use the date from the specified timestamp.
Problem is if it should use date from the timestamp to set. and then viewing it.. it would be wrong if DST did not match with local.
Maybe a checkbox in the Set filetime dialog that lets you decided.. but then we got more advanced option that people will not understand.
The problem is no matter what you do there are senarios where it shows wrong. If you really need exact time always. then go for showing time in UTC.
DST/Timezone are tricky.. there are even special timestamp ranges in local time that is impossible to convert to UTC
(When you switch the clock back.. at 02:59 -> 02:00 that day. the local time is 02:00 -> 02:59 twice, )