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...

This is (quite literally) hit or miss, sometimes it honors that setting...and sometimes it just does not. #frustrating