Why can't all dates return the correct date based on the timezone?

import dayjs from 'dayjs';
import utc from 'dayjs/plugin/utc';
import timezone from 'dayjs/plugin/timezone';

dayjs.extend(utc);
dayjs.extend(timezone);

dayjs.tz.setDefault('America/New_York');

const time1 = dayjs.tz('2024-12-11T12:37:43.000Z', 'America/Toronto').format('YYYY-MM-DD HH:mm');
console.log(time1);
const time2 = dayjs.tz('2024-12-11T12:37:43.000Z', 'America/New_York').format('YYYY-MM-DD HH:mm');
console.log(time2);
const time3 = dayjs.tz('2024-12-11T12:37:43.000Z', 'Asia/Hong_Kong').format('YYYY-MM-DD HH:mm');
console.log(time3);

export default dayjs;

Result: time1 = 2024-12-11 12:37
time2 = 2024-12-11 12:37
time3 = 2024-12-11 12:37

"dayjs": "^1.11.13"

Why can't all dates return the correct date based on the timezone?

Start by running the provided reproduction with dayjs/plugin/utc and dayjs/plugin/timezone using the three named timezones and the dayjs 1.11.13 dependency. Trace the timezone conversion and formatting behavior, then verify that each timezone produces the expected local date and time.

Written by the indexing model from the issue text.