"Ignore built-in trackpad when mouse or wireless trackpad is present" not working

For a long time, checking off "Ignore built-in trackpad when mouse or wireless trackpad is present" was working without a problem. However, today I as I was typing that the trackpad was moving my cursor despite the fact that my mouse was active.

I am using a Philips SPK7374 wireless mouse that's connected via USB, a new mouse I started using less than a week ago, though I did not notice the issue until today. Prior to this mouse, I was relying on traditional wire-connected USB mouse. To troubleshoot this issue, I reconnected the wired-mouse, which successfully turned off the trackpad. However, when I reconnected the wireless Philips mouse, the trackpad was back on again.

I've noticed several other discussions and articles address this problem but nothing was helpful. One solution was to "Enable Mouse Keys" but that caused several letters on my keypad to stop working. I also switched off bluetooth on my Macbook but that did not work.