What time zone will be used for setting the time of day inside of the scheduler?

The time zone your posts will show in will depend on what you choose in your admin settings.  The automatic timezone that is applied is America/New_York. 

To change the time zone:

Step 1: Go to your Admin Settings from the left sidebar then choose Your Info. 

Step 2: Click on the dropdown box.

Step 3: Choose the time zone that best fits the time zone your business is located in.