Thank you for the pointers, @bruce !

I do see that the time is indeed sync'ed UNLESS I leave the VPN client ON (WireGuard). When the VPN client is off before turning off the device, the time is picked upon startup. When the VPN client is enabled during the switching of the device off - which is my default mode of operations - the device doesn't sync the time on startup, and it can't connect to VPN.

My guess, this happens because I'm using the simplest possible configuration of "Global Proxy", and the request to the NTP server is stuck because the VPN tunnel isn't established, whereas the VPN tunnel can't be established because of the time discrepancy, in a chicken-egg fashion of a problem.