Expected behaviour of the (newish) MANAGED_UPDATE=1 MSI deployment parameter

1Password for Windows (1PfW) 8.11.0 installed with 8.11.2 available.

After overcoming an install string regression issue and sorting out rogue .msi files in the %LocalAppData%\1Password\ directory, I think the MANAGED_UPDATE=1 parameter is now working as intended.
 
The behaviour now - from the 1PfW main dialog, the "Check for Updates..." menu item is still enabled and launches the 1PfW "Settings" dialog "About" pane, but available updates are no longer listed or generating update notification banners.

I should also reference the related community discussion Disable 1Password Updates | 1Password Community, in case you're interested in the MANAGED_UPDATE related registry settings.