In Date-Based feeds, each episode has a date and time associated with it.
Dates in the future will be release as scheduled and won't be available until then. Be sure to flip the switch to have the episode published on that date.
The timezone is your system's timezone at the time of scheduling.
The date determines the order of the episodes, with the newest first and reverse chronologically from there.
All listeners see the same episodes with the same dates.
Date-Based feeds are useful for Q&A calls, or any ongoing material that is growing over time.