I am having the exact same issues with the same parameters.
Ipad Air 9, eSIM
26.4 Update
Managed by Apple Business manager and Intune
Fix I found yesterday was wiping them using Intune, including wiping cellular service.
They would then reactivate eSIM and Verizon service, then reload their profile. Finally wiped and confirmed this particular fleet working again yesterday afternoon, but this morning they have all but most lost service again. Fix was temporary.
Edit: Network reset will get them working for about 10 minutes, but then the full bars drop to one bar, and the cellular is completely non-functional again.
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Community
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Apple Developers
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