In the image below, an expression on a Tag binding is retrieving the value from a Tag. As shown in the preview, the value on the Tag shows 45.970097.
The Format transform is taking that Tag value, then applying a numeric pattern of #.00, which denotes that two digits must always be shown after the decimal point. As a result, the preview shows a Format value of 45.97, since any digits beyond the first two decimal places are ignored by the transform.
Datetime Short, Short, Time Zone Adjusted
The image below is taking a Unix timestamp value (including milliseconds), and turning it into a human readable date, set to Japan's timezone.