Interesting addition: After switching set date and time automatically and setting the correct date and time manually turning on set date and time automatically sets date and time to the wrong date and time again. The "funny" thing is that setting date and time to the correctly received date and time via NTP fails afterwards.
2023-11-26 15:07:03.825 Df timed[593:6df1b] [com.apple.timed:data] cmd,auto_time,src,(null),rtc_s,533613.791000000,enabled,1
2023-11-26 15:07:03.825 Df timed[593:6df1b] [com.apple.timed:text] Received automatic time enabled
2023-11-26 15:07:03.826 Df timed[593:6df1b] [com.apple.timed:text] TDTF,WrongPredictState,Current,rtc,34914285.529,utc,721987843.046,sf,0.99995644,utcStd,0.00573306,sfStd,0.00000597,PredictState,rtc,533613.792,utc,687608669.070,sf,0.99995644,utcStd,19406.96298220,sfStd,0.00097766,dRtc,-34380671.737,dUtc,-34379173.976,ddtc,1497.761,lastRtc,34914285.529,rtc,34914285.529
2023-11-26 15:07:03.826 Df timed[593:6df1b] [com.apple.timed:text] Want active time in -infmin. Remaining retry interval: 0.000000min.
2023-11-26 15:07:03.826 Df timed[593:73405] [com.apple.timed:data] cmd,SYNC,rtc_s,533613.792358000,unc_s,0.000500000,mach,626426408888
2023-11-26 15:07:03.827 Df timed[593:6df1b] [com.apple.settimeofday:] settimeofday({0x634bdbdd,0x113d8}) == 0
2023-11-26 15:07:03.827 Df timed[593:6df1b] [com.apple.timed:text] Setting system time to Sun Oct 16 12:24:29 2022 from TMTimeSynthesizer
[...]
2022-10-16 12:24:29.152 Df timed[593:73405] [com.apple.timed:text] Received time Sun Nov 26 15:07:03 2023±0.01 from "NTP"
2022-10-16 12:24:29.152 Df timed[593:73405] [com.apple.timed:data] cmd,T,src,NTP,rtc_s,533613.874679250,rtc_unc_s,0.000000000,t_s,722700423.866983414,unc_s,0.007922838,mach,626428384414
2022-10-16 12:24:29.152 Df timed[593:73405] [com.apple.timed:data] TDTF,RtcRollBack,rtc,533613.874679,utc,722700423.866983,unc,0.007923,source,NTP,_rtc,34914285.529286
2022-10-16 12:24:29.152 E timed[593:73405] [com.apple.timed:text] TDTF unhandled synthesizer error: 3
2022-10-16 12:24:29.152 Df timed[593:73405] [com.apple.timed:text] TDTF,WrongPredictState,Current,rtc,34914285.529,utc,721987843.046,sf,0.99995644,utcStd,0.00573306,sfStd,0.00000597,PredictState,rtc,533613.875,utc,687608669.153,sf,0.99995644,utcStd,19406.96291215,sfStd,0.00097766,dRtc,-34380671.654,dUtc,-34379173.893,ddtc,1497.761,lastRtc,34914285.529,rtc,34914285.529
2022-10-16 12:24:29.152 Df timed[593:73405] [com.apple.timed:data] cmd,checkActiveTimeSourceRequired,rtc_s,533613.875045,bb_want_unc_s,inf,want_unc_s,0.050000,bb_want_rtc_s,inf,want_rtc_s,34916498.876520