The editing code uses `org-get-compact-tod' to enter the current timestamp as
the default input, which returns only the time. So you need a timestamp with a
clock time to see the difference, such as <2026-11-04 Wed 12:43>. Then you
should see 12:43 as the default input with the patch.
Without the patch and settings like
(setq org-display-custom-times t
org-timestamp-custom-formats '("<%B %-d, %Y>" . "<%B %-d, %Y %H:%M>"))
The default input will instead look like the custom format an point cannot move
inside, because the default input of 12:43 will keep the display text property
of #("November 4, 2026 12:43" 0 22 (mouse-face highlight)) or similar.