Logitech MX Keys doesn't wake MacBook Pro

My Logitech MX Keys keyboard just recently started to disconnect from my 2019 MacBook Pro. Specifically, when I return to the device after being away for sometime, when I press the keys on the bluetooth MX Keys keyboard, there is no response. It takes several seconds for the keyboard to reconnect to the MacBook before the keystrokes are transmitted properly.

This is a recent issue and I have used the keyboard for many months prior to this without a problem. I can't place my finger exactly when it started to occur but it could be with the upgrade to Monterey.

Anybody else having a similar issue?

MacBook Pro 2019, Monterey 12.1