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Timezone.dat helps Control-M to decide what hour to submit for execution the jobs that have "Time Zone" selected on the job planning form on different DST or remote agents/regions .
Control-M Documentation points the right location for you platform: Control-M 220.127.116.11 Control-M Documentation - Control-M - BMC Documentation
You need to touch then if for instance you environment have the following situations:
Brazil this year have decided to change the start date of our DST timeframe.
So in order to match jobs that are planned to run in BRAZIL from your server that resides in USA, we will need to update the Timezone.dat in order to match this START and END timeframe period.
Hope that it helps you.