No impact of changing time as long as you set SM/SMGR time to same time value (ie changing time about same time on both devices and setting them to roughly same time value.
30-60sec difference should not be a problem but best to set times as close as possible, so basically as long as times on SM/SMGR stays in sync, DRS Replication between SMGR and SM should also work.
SMGR :
When you modify the time on SMGR (via System Platform or VMWare) the SMGR VM will reboot to adopt the new time.
SM :
SM won't reboot, it should just start using the new value.
You can change it using the SMnetSetup script (if no other item needs to be changed then just keep hitting enter to accept the existing values, then you reach the time zone select page, chose the appropriate zone, or just hit enter again to use the existing value but if would like to manually set a date/time, then next you need to disable NTP to get the date/time manual change option in the script.
Please plan to make this change out of traffic hours, as the network interfaces (SIP/MGMT) may be restarted.
Hitting CTRL-C any time while running the script will cancel the operation and no changes will be made.
**** Command to change the date From 7.x release of SMGR***
date -s "Date Month year Time"
date -s "20 Jan 2021 14:05:02"