Proper date and time is not visible on media and inside Product Relations Tab

Issue

Steps to reproduce:
1. Navigate to products.
2. Open any existing product.
3. Navigate to the media tab and notice it's showing the modified date as 2 months ago, 2 minutes ago, or 2 days ago.
4. The same behavior is also observable on the 'Product Relations' tab.
Expected Result: It must show the 'create date' and 'modified date' with the proper date and time. As it is visible in the order portlet or on the product listing page.
Actual Result: It's showing only how many days back the media and product relation were created/modified.

The observed behavior is a known Liferay DXP bug which has been addressed in Liferay DXP 7.4 Update 82.