Date / Time Formats change is not reflected in the Version Release Date change

By the default, the standard Complete Date/Time Format is shown as dd/MMM/yy h:mm a and the Day/Month/Year Format is dd/MMM/yy:

However, when the format is changed as per the following:

The following error will be shown when the Version Release date is changed according to the format that was specified in the Look and Feel:

The current workaround to this issue is to directly choose the date from the date picker: