Airpods Pro2 unnecessary noise cancelling in transparency mode

I’m using AirPods Pro2 with the latest firmware update (8A356).

Since the update, I’ve noticed an issue with Transparency Mode, it suddenly cancels out noise coming from certain directions, almost like active noise cancellation kicking in. The sound also feels more muffled compared to just 1–2 weeks ago.

At first, I thought it might be dust inside the speaker mesh, but I cleaned them properly following Apple’s instructions and the problem is still there.

The “Reduce Loud Sounds” setting is switched off, but the effect keeps happening, and it’s really distracting with the sudden noise blocking.

Has anyone else experienced this, or know how to fix it?