Auto-Shutdown with APC UPS Does Not Work on M1 Mac Mini (Monterey 12.2.1)

Energy Saver Auto-Shutdown options with an UPS are not working on my M1 Mac Mini running Monterey 12.2.1 with APC Back-UPS BE860HG2.

We need the M1 Mac Mini to shutdown after 60 seconds when UPS loses power. I have set this option in the energy saver settings under UPS, but the Mac Mini never shuts down. No matter what I set, it never shuts down or gives any indication of shutting down.

This M1 mac mini has had its data migrated from a Time Machine

backup of an Intel Mac Mini running OS X El Capitan 10.11.6.

The only thing that does work is a warning when the Mac Mini is drawing from the UPS.

Does anyone have any suggestions? Nothing in the previous threads have worked.

Here are the relevant settings:

pmset -g

System-wide power settings:
Currently in use:
 disksleep            10
 powernap             1
 womp                 1
 networkoversleep     0
 sleep                0 (sleep prevented by coreaudiod, bluetoothd, powerd)
 Sleep On Power Button 1
 ttyskeepawake        1
 tcpkeepalive         1
 autorestart          1
 standby              0

pmset -g ups

UPS settings:
  haltlevel on  100
  haltafter on  1
  haltremain    on  15

When UPS plugged in:

Now drawing from 'AC Power'
 -Back-UPS ES 850G2 FW:931.a10.D USB FW:a10 (id=25296896)   74%; charging present: true

When UPS unplugged:

Now drawing from 'UPS Power'
 -Back-UPS ES 850G2 FW:931.a10.D USB FW:a10 (id=25296896)   74%; discharging; 4:14 remaining present: true

This is so frustrating to have a machine that does not do what it is clearly set to do.

Does anyone have any suggestions? I can find zero information on anything that might be causing this.