Events are stored in your device timezone (unless a different timezone is manually set). The timezone is usually not shown when event timezone and device timezone are the same.
In timezone settings you currently find the following options:
- Device timezone - shows the current device timezone, and links to Android date/time options for configuration
- Home timezone - this is for the respective display option and for new events
- Display event times in
- Device timezone: (the current timezone where you are), this is the default and how Android notifications are triggered
- Event timezone: shows all event times as if you are in the timezone of the event
- Home timezone: shows all event times in your configured home timezone (optionally exclude events in the device timezone or limit to events in your home timezone)
- Mark non-local events - shows a world icon in front of event times from timezones other than the local one
There is also an extra article with more information about timezones.