It’s fairly easy to extract the Date portion of a Datetime value in a Flow formula.
DATEVALUE({!datetimeValue})
If {!datetimeValue} = 7/22/2020 5:00 PM then the formula will return July 22, 2020.
It is a bit trickier to convert a Date value to a Datetime value using a formula.
DATETIMEVALUE(TEXT({!dateValue}) + " 00:00:00")
If {!dateValue} = July 22, 2020 you would want the formula to return 7/22/2020 12:00 AM. Instead the value returned will be converted to GMT so the result I get in Portland, Maine is 7/21/2020 8:00 PM. For me, that’s 4 hours ahead of GMT.
I could find no easy way to do time-zone calculations in Flow so I created a Flow Action that would keep everything in my current time-zone.
With this action, my result for July 22, 2020 is 7/22/2020 12:00 AM.