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It depends what "this" is. What are you doing to generate that?

i thought i attached another screenshot but i guess i didnt

 var PriceChangeDate = new Date();
 `var FmtChangeDate = format.format({`
                            value: PriceChangeDate,
                            type: format.Type.DATE
                        });

and the field im trying to set is a DATE FIELD

so im doing this:

 item_rec.setValue({
                                fieldId: 'custitem_last_price_review',
                                value: FmtChangeDate
                            });

format.format returns a date string. The record wants a date object.
You'll need to use format.parse on the formatted string to get the date object out of it to set on the record.