The datetime that you see displayed in the SharePoint list is in your local timezone. This is controlled by the SharePoint settings.
However, all datetimes are stored as UTC "Z" timezone. So that is why if you pull and item out of the SharePoint list, the time will look different in Power Automate.
Here is a SharePoint list I made with 1 item showing with the date it was created. I created this item September 15, 2023 at 10:03 AM in my Central Standard Timezone. This is displayed to me as 09/15/2023 10:03 AM in the SharePoint list.
List View - Date Time view as local - 09/15/2023 10:03AM
If I pull the Created time into Power Automate then it will be in the UTC timezone. This is because the date was actually stored as UTC time. The sharepoint list display didn't change the time value, it only displayed it as if the time was in my local timezone.
A flow that gets the Created value is in UTC "Z" timezone 2023-09-15T15:03:37Z
Does that help explain what the time is different?