Wrong date and time on M1 MacBook Air

I booted up my M1 MBA for the first time in maybe a month today, and it is displaying a date and time of 08/02/21 20:50 which is definitely not the current date and time. I have checked the Date & Time tab within system preferences, and it is set to automatically retrieve the date and time from time.apple.com. I tried manually setting the date and time, but when I then set it back to automatic it reverted back to 08/02/21.

My time zone is also set correctly, using location services. I have restarted my Mac multiple times, and have also manually set the date and time before reverting to the automatic setting multiple times also.

Does anyone know how to fix this?