HistoryObserver eventCounter updating 9-16 times per app launch because of CloudKit syncing?

I created a finance tracking app. I wanted to use HistoryObserver to determine when Transactions are created/updated/deleted on another device with the same appleId, so I can update some charts

I have an @Observable model that has this (simplified) setup:

private(set) var transactionObserver: HistoryObserver?

func setupHistoryObserver(modelContainer: ModelContainer) throws {
        transactionObserver = try HistoryObserver(
            observedModels: [Transaction.self],
            modelContainer: modelContainer,
        )
}

var transactionUpdateTrigger: Int {
        transactionObserver?.eventCounter ?? 0
}

I have the view setup with:

.task(id: viewModel.transactionUpdateTrigger) {
            print("updating chart data: \(viewModel.transactionUpdateTrigger)")
            await updateChartData()
}

When I launch my app on my iPhone, I see:

updating chart data: 0
updating chart data: 1
updating chart data: 2
updating chart data: 3
updating chart data: 4
updating chart data: 5
updating chart data: 6
updating chart data: 7
updating chart data: 8
updating chart data: 9
updating chart data: 10

On simulator, it only fires once:

updating chart data: 0

The docs state: "When relevant changes are detected, the observer updates its eventCounter property."

The happens every single time I try deploying my app to my iPhone on iOS 27 beta 8, but with varying numbers of eventCounter increments. I only have the app installed on a single device with my Apple Account.

Why is this happening? There should be no changes to my models, as is clear because there's no issues when running this in simulator.