I’m growing more and more suspicious of this as the root cause for Safari connectivity problems since Monterey. I was originally skeptical about a profile since it appeared to be happening only at work (where I need that profile to be able to connect to staff wifi at all), but after reading this article, I figured I’d just try turning off Sys Prefs > Network > Wifi > Limit IP Address Tracking. And presto, ever since I did that I had no more connectivity issues with Safari on work wifi. Then this morning as an experiment, I flipped that setting back on after I had connected to work wifi, and sure enough, after about 1 hr Safari could no longer connect to a local webpage here (while Firefox had no problems). Had to toggle wifi networks to get Safari to connect again.
However, I’m not 100% sure I’m ready to fully believe this is the lone culprit quite yet. For one, Safari’s own prefs still have “Hide IP address from trackers” [as an aside, why does Apple capitalize differently in Safari Prefs vs. Sys Prefs? — actually, a closer look reveals they’re inconsistent even within the Network Sys Prefs] selected—not sure if that’s a contradiction or relevant actually. For another, just toggling the Network preference “Limit IP Address Tracking” after the issue started, did not suffice to fix the connectivity issue. I still had to toggle wifi networks first. Perhaps, I’ll never know. But for now I’m tempted to just leave the Network pref toggled off and hope that was it.