systemd-timesyncd.service: Timed out waiting for reply from NTP server

systemd-timesyncd.service fails to correct time if the system time is later than February 7, 2036.

Image: ubuntu-20.10-desktop-amd64.iso
systemd: 246.6-1ubuntu1

$ timedatectl status
               Local time: Fri 2038-11-26 07:58:16 UTC
           Universal time: Fri 2038-11-26 07:58:16 UTC
                 RTC time: Fri 2038-11-26 07:58:17
                Time zone: Etc/UTC (UTC, +0000)
System clock synchronized: no
              NTP service: active
          RTC in local TZ: no

ubuntu@ubuntu:~$ sudo systemctl status systemd-timesyncd.service
● systemd-timesyncd.service - Network Time Synchronization
     Loaded: loaded (/lib/systemd/system/systemd-timesyncd.service; enabled; vendor preset: enabled)
     Active: active (running) since Fri 2038-11-26 07:36:55 UTC; 7min ago
       Docs: man:systemd-timesyncd.service(8)
   Main PID: 1257 (systemd-timesyn)
     Status: "Idle."
      Tasks: 2 (limit: 9283)
     Memory: 1.8M
     CGroup: /system.slice/systemd-timesyncd.service
             └─1257 /lib/systemd/systemd-timesyncd

Nov 26 07:39:09 ubuntu systemd-timesyncd[1257]: Timed out waiting for reply from 91.189.94.4:123 (ntp.ubuntu.com).
Nov 26 07:39:19 ubuntu systemd-timesyncd[1257]: Timed out waiting for reply from 91.189.89.198:123 (ntp.ubuntu.com).
Nov 26 07:40:34 ubuntu systemd-timesyncd[1257]: Timed out waiting for reply from 91.189.91.157:123 (ntp.ubuntu.com).
Nov 26 07:40:44 ubuntu systemd-timesyncd[1257]: Timed out waiting for reply from 91.189.89.199:123 (ntp.ubuntu.com).

There is no issue with ntpdate:

ubuntu@ubuntu:~$ sudo ntpdate -v ntp.ubuntu.com
26 Nov 08:16:21 ntpdate[8926]: ntpdate 4.2.8p12@1.3728-o (1)
26 Nov 08:16:30 ntpdate[8926]: step time server 91.189.91.157 offset -567993599.624839 sec
ubuntu@ubuntu:~$ date
Thu Nov 26 08:16:33 AM UTC 2020