I think I'm still hitting this bug. I'm using Arduino 1.8.10, a T4 with today's Teensyduino 1.49-beta5. MacOS 10.15.2, America/Los_Angeles.
Time's TimeTeensy3 prints an hour ahead of the current time, but the __TIME__ macro shows has the tz adjustment. For me, that's PDT instead of PST.
thx...