Just a FYI for anyone else stumbling in here - if you have additional dtoverlay parameters you should group these two together separately. For example, note how I’ve separated the touch screen parameters:
"rpi-ft5406,touchscreen-swapped-x-y=1,touchscreen-inverted-x=1","i2c-rtc,ds3231"
I couldn’t get the hwclock to return with the time until separating them in this fashion, as opposed to stringing it all together without quotes. Also just to point out I’m using a different clock so replace ds3231 with whatever chip you’re using.