Windows Server 2022 NetworkProfile 4004 Events High CPU

Hi,

We have 2 Windows Server 2022 machines, one is physical and one is virtual. Both are seeing high CPU usage. The Network List Service is the cause of this. We see constant 4004 events in Event Viewer Network Connectivity Level Changed: true, disconnecting it from the network instantly resolves it. Has anybody else experienced this? I've tried both E1000 and VMXNET 3 adapters so don't believe it's driver related.

Have done further testing and reproduced consistently on a fresh install, only occurs when logged on as a domain user and only while logged on, if we log on as a local account it doesn't occur. There's minimal Group Policies applied so don't believe it's them. It's not CU related either.

Thanks

Ben