This feature is available in all editions.
My team is based in the UK but we have team members in New York and San Francisco. However, when our UK members update work items, the time stamp on the change reflects US times. For example, as a UK team member, when I close a work item at 1 pm, then the work item history shows that I closed the work item at 7 am. This is correct for the US team members, but is confusing to UK team members.
By default, times are displayed in Eastern Time or Eastern Daylight Time. You can change the time zone of the displayed times. See System Configuration for instructions.
All times shown in the system will reflect the selected time zone. Time Zones are automatically updated for Daylight Savings Time, so no additional configuration is needed during Daylight Savings Time periods.