Why doesn't DateTime.ToShortTimeString() respect the Short Time format in “Regional and Language Settings”?

Question

I have run into an issue that is probably due to my mis-understanding of how the DateTime.ToShortTimeString() method works. When formatting time strings with this function,

Answer 1

I'm quite sure the fact that the short time format string isn't used in DateTime.ToShortTimeString() or DateTime.ToString("t") is a bug, because it was fixed in .NET framework 4.0.