Yes. All SaaS users can choose a specific time zone to display time in Web TimeSheet since 26th of January, 2012. Previously, for most fields and functions for which time zone is relevant, Web TimeSheet used the time zone of the server where your instance is installed. Moreover, if an  organization spans multiple time zones, SaaS users can now choose to assign user-specific time zones that apply to most displayed times.

Hence when a report is scheduled at a time, the system considers thetime zone setup within System Preferences instead of the server time on which the application is hosted. So, if areport is scheduled at say 4.30 PM, the report is sent out at 4.30 PMlocal time provided the local time is set within System Preferences of Web TimeSheet application.

Note:
If you don't change your respective Timezone within system preferences, your Web TimeSheet instance will continue to use server time.