If you specifically need the time to be in UTC (instead of the local user's timezone), then I think you would need to build your own formatter function to do it, e.g.:
function formatDate(str, includeDate){
  const date = new Date(str);
  const hours = date.getUTCHours();
  
  let twoDigits = (no) => {
    const str = no.toString();
    return (str.length === 1 ? '0' + str : str);
  };
  
  let strdate = (includeDate ? twoDigits(date.getUTCMonth() + 1) + '/' + twoDigits(date.getUTCDate()) + '/' + twoDigits(date.getUTCFullYear()) + ' ' : '');
  
  if(12 <= hours) {
    return strdate + twoDigits(hours === 12 ? 12 : hours - 12) + ':' + twoDigits(date.getUTCMinutes()) + ':' + twoDigits(date.getUTCSeconds()) + ' PM';
  } else {
    return strdate + twoDigits(hours) + ':' + twoDigits(date.getUTCMinutes()) + ':' + twoDigits(date.getUTCSeconds()) + ' AM';
  };
};
console.log(formatDate("2020-10-01T17:00:00.000Z", true));
 
 
Here, you are constructing the time string from individual UTC segments. You could alternatively parse the input string using a regex, get the number of hours and then build the string that way.
Edit: updated to optionally also include the date, in US format mm/dd/yyyy.