Well, this one is not new but a regular, annoying bug after each windows feature update for the last years.
I run a Windows Server 2016 with Essentials role installed. Every time after a feature update, the connection is lost because some registry keys are not being migrated.
There is a solution which also works for the current windows 11 beta channel build: https://sbsland.me/2020/11/04/fix-windows-10-update-and-small-business-essentials-connector/
This is a very annoying, recurring and still unaddressed bug. Please care for it for the final windows 11 version, even if the Essential role is no longer supported from Server 2019 onwards.