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valueFormatString sets how values must be formatted before they appear on Axis X and it is not applied for dataPoints label property. In your case, you can set the xValueType to dateTime for displaying date-time using the timestamp provided in x-value and format the same using valueFormatString as shown in the code snippet below –
valueFormatString: "hh:mm TT"
//label: "Apr-22-2021 00:47",
Also, please take a look at this JSFiddle for a working example.