I see this same behavior, output from ifconfig is here:
en4: flags=8863<UP,BROADCAST,SMART,RUNNING,SIMPLEX,MULTICAST> mtu 1500
options=567<RXCSUM,TXCSUM,VLAN_MTU,TSO4,TSO6,AV,CHANNEL_IO>
ether 00:01:d2:1a:02:1a
inet6 fe80::1caf:692e:898b:1271%en4 prefixlen 64 secured scopeid 0x7
inet 192.168.1.48 netmask 0xffffff00 broadcast 192.168.1.255
inet6 fd40:ebe4:8b95:4898:ce3:f0b2:b12d:931f prefixlen 64 autoconf secured
nd6 options=201<PERFORMNUD,DAD>
media: autoselect (10Gbase-T <full-duplex,flow-control>)
status: active
But in System Preferences it shows as "not connected"...I am on 12.2.1...so maybe this just reverted. I don't THINK this was happening on 12.2, my update was in the last 24 hours...
Kylek
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This is (quite literally) hit or miss, sometimes it honors that setting...and sometimes it just does not. #frustrating