Hi Limi!
Th reason why you are seeing the time displayed in a different time zone has to do with how Airtable stores dates on their back end. All dates are in the UTC timezone, to rectify this you will need to add a function to first change the time zone of your date field to the appropriate time zone, and then switch the format.
This function is SET_TIMEZONE, which you can read about here.
In the end your formula should look something like this:
DATETIME_FORMAT(SET_TIMEZONE({Launch Date & Time},['timezone identifier']), 'M/D/YYYY \\at h:mma')
I hope this helps!
Chantal