For the first issue, enable the time picker ("Show time selector").
That was one of the major changes I had to implement. As the tooltip on the "Form format" says, "Do not include time formatting in this. Time formatting is added automatically depending on your time picker settings". If you don't enable the time picker, you don't get any time.
Although this is a major change from the way the date element always used to work, it was necessary in order to accommodate the much improved time pickers, replacing the frankly awful one we wrote ourselves a decade ago. None of the "off the shelf" ones allow "free form" time formatting, they restrict you to basic formats. So I can't allow free form time formatting any more, and have to build the time format depending on which time picker and what settings you use for it.
And if the time picker is not enabled, there is no time format ... so no time.
-- hugh