System not powering off

FWIW, I think the bug you are seeing might be related to the “Put CPUs into INIT on shutdown” patch that was reverted for the 6.5 kernel series. This issue has been reported here before.

There is also an open bug report with people reporting that various iterations of the patch do or do not work with their systems.

https://bugzilla.redhat.com/show_bug.cgi?id=2241279

My guess is that the kernel devs are still working on that code. You might want to chime in on that bug report with your results and follow it to get alerts about the latest fixes.