Time index shows AM and PM the same

Yes

It’s a bug. When phone is set to 12hr time, the time display on the footage should show 12hr time and the timeline should reflect 12hr time with AM/PM indicators.

So you want your phone to remain set to 12hr preference, but you want the timeline to show 24hr time? I doubt that will ever happen, but if that is what you desire, please succinctly state so in the Wishlist item below so the developers hear your voice: