Please Read:
https://developer.android.com/studio/report-bugs.html#emulator-bugs

Android Studio Version: 2021.3.1

Emulator Version (Emulator--> Extended Controls--> Emulator Version): 31.3.11-9058569
HAXM / KVM Version: HVF 12.6.0

Android SDK Tools: 26.1.1

Host Operating System: macOS 12.6

CPU Manufacturer: Other CPU:
64-bit CPU

RAM: 65536 MB

GPU:

Build Fingerprint:

AVD Details: Name: Pixel_5_API_33
CPU/ABI: arm64
Path: /Users/marikan/.android/avd/Pixel_5_API_33.avd
Target: google_apis [Google APIs] (API level 33)
Skin: 1080x2340
SD Card: 2G
AvdId: Pixel_5_API_33
PlayStore.enabled: false
avd.ini.displayname: Pixel 5 API 33
avd.ini.encoding: UTF-8
disk.dataPartition.size: 2G
fastboot.chosenSnapshotFile:
fastboot.forceChosenSnapshotBoot: no
fastboot.forceColdBoot: no
fastboot.forceFastBoot: yes
hw.accelerometer: yes
hw.arc: false
hw.audioInput: yes
hw.battery: yes
hw.camera.back: virtualscene
hw.camera.front: emulated
hw.cpu.ncore: 4
hw.dPad: no
hw.device.hash2: MD5:3274126e0242a0d86339850416b0ce34
hw.device.manufacturer: Google
hw.device.name: pixel_5
hw.gps: yes
hw.gpu.enabled: yes
hw.gpu.mode: auto
hw.initialOrientation: Portrait
hw.keyboard: yes
hw.lcd.density: 440
hw.lcd.height: 2340
hw.lcd.width: 1080
hw.mainKeys: no
hw.ramSize: 1536
hw.sdCard: yes
hw.sensors.orientation: yes
hw.sensors.proximity: yes
hw.trackBall: no
image.sysdir.1: system-images/android-33/google_apis/arm64-v8a/
runtime.network.latency: none
runtime.network.speed: full
showDeviceFrame: yes
skin.dynamic: yes
tag.display: Google APIs
tag.id: google_apis
vm.heapSize: 512

Steps to Reproduce Bug:
Start emulator with "-timezone" parameter(e.g emulator -avd Pixel_5_API_33 -timezone Asia/Shanghai)
Issue is reproducible when API level of the emulator is set to 31+. When API level is 30 emulator works as expected

Expected Behavior:
Emulator starts with timezone set to provided parameter value

Observed Behavior:
Emulator ignores the parameter and starts with host devices timezone.