That’s the correct setting. We’ve seen this happen where the server had an older version of PHP. For example when your site has PHP 5.5, we recommend upgrading to at least one of the latest versions of PHP 5.6. One of the later versions of PHP 7 would be even better.
Before you do that though, this may be the result of a theme/plugin conflict.
You can rule out a plugin or theme conflict is by installing the Health Check plugin, then go to WP > Dashboard > Heath Check > Troubleshooting. There you’ll Enable Troubleshooting Mode, then once that’s activated you’ll reactivate Event Espresso only via the Health Check’s Troubleshooting item in the WP admin bar. At that point, can you check to see if the times display correctly?