Issues with address bar suggestion search

Using Edge Version 106.0.1370.34 (Official build) (64-bit) on Windows 11.

I started noticing that the address bar suggestion feature is not working properly. This is the functionality that suggests stuff as you type. It just searches in my favorites and history and not in general. I am expecting to type something and then get a lot of suggestions in the address bar to pick from - now it shows only a couple suggestions from history/favorites.

I have checked that both these are enabled in settings:

* Show me search and site suggestions using my typed character

* Show me suggestions from history, favorites and other data on this device using my typed characters

When I disable the second one, I do not get any suggestions at all when typing in the address bar. When I enable it again, it shows suggestions from my history and favorites. Toggling the first setting has no effect at all.

Tried both Google and Bing as search engine for address bar. No change.

When running Google Chrome it works as expected.

Any ideas?