Edge command line options "--no-proxy-server" doesn't work

C:\>start msedge --no-proxy-server
or
C:\>"C:\Program Files (x86)\Microsoft\Edge\Application\msedge.exe" --no-proxy-server
or perform appropriate command line.
There must not be an instance of Edge also. (ensure Edge is not running by using task manager)

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>C:\Users\xyz>start microsoft-edge:--no-proxy-server
"microsoft-edge:" is an internal windows-protocol, not a command. And then "microsoft-edge:--no-proxy-server" is invalid and seems to be simply ignored.
(a valid form for example is "microsoft-edge:https://www.bing.com" but you should not use this sort of internal protocol.)

>C:\Program Files (x86)\Microsoft\Edge\Application>msedge --no-proxy-server
This should work. If it didn't work, another instance (e.g. startup boost or such) might be running already.