Computed column cannot be persisted because the column is non-deterministic
You need to use a deterministic style when converting from a string representation.

You were not using a deterministic style with the conversion from string to date.

You were unnecessarily specifying a style when converting from date to datetime2.

There is a confusing mixture of date/time data types in the question.

This works (producing a datetime column):

ALTER TABLE dbo.test 
ADD UTCTime AS 
    ISNULL
    (
        EventTime,
        DATEADD
        (
            SECOND, 
            PosixTime, 
            CONVERT(datetime, '19700101', 112)
        )
    )
    PERSISTED;


As Aaron mentioned (we were answering concurrently), you do not need to persist a deterministic column to index it.