I was doing some kernel updates this morning on a pair of AMD EPYC 7281 servers. Both were running ubuntu 22 5.15.0-33. When I migrated the VMs away from one and then back to the one I updated to 5.15.0-35, I noticed the time jumped in crazy ways on the VM. The hypervisor's clock is correct. But if I reboot a guest after setting the time, it seems to be OK on the 5.15.0-35 kernel. But if I do a cold start of the guest on the 5.15.0-35, it starts up about 2-20 min in the future.
OS time of the host looks fine as the the BIOS clock
$ sudo hwclock
2022-06-06 15:18:20.202135+00:00
$ date
Mon Jun 6 15:18:22 UTC 2022
I noticed this both with Ubuntu 20.x guests and FreeBSD guests