It works as it was designed, maybe not as you expected. The time showing in the time drop-down list is the starting time for displayed page of shows.
The meaning of the button is to set the time in the time box to current time. In other words, it sets the page to show all shows starting at current time, of the next 24 hours. It does not reset your selection unless your selection is outside of this 24 hour period.
Therefore the button does nothing unless you have previously changed either the date value or the (starting) time value.