Erase all content and settings restrictions is not working in iOS 15

On applying the configuration profile(com.apple.applicationaccess - Restriction) with allowEraseContentAndSettings to false in iOS 15 device, the restriction is not imposed on supervised device. Can see restriction applied in Setting->General->VPN&Device management ->MDM profile-> Restriction.

But on checking Setting->General->Reset Erase content and setting is shown. On clicking it the device has erased to factory setting.

Have attached the mobileconfig and screenshots of the setting.

<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
<dict>
	<key>PayloadContent</key>
	<array>
		<dict>
			<key>PayloadDescription</key>
			<string>Configures restrictions</string>
			<key>PayloadDisplayName</key>
			<string>Restrictions</string>
			<key>PayloadIdentifier</key>
			<string>com.apple.applicationaccess.8DA3EB9B-3C9E-45C1-99BC-B2A900E55628</string>
			<key>PayloadType</key>
			<string>com.apple.applicationaccess</string>
			<key>PayloadUUID</key>
			<string>8DA3EB9B-3C9E-45C1-99BC-B2A900E55628</string>
			<key>PayloadVersion</key>
			<integer>1</integer>
			<key>allowEraseContentAndSettings</key>
			<false/>
		</dict>
	</array>
	<key>PayloadDisplayName</key>
	<string>ContentRestriction</string>
	<key>PayloadIdentifier</key>
	<string>C7A744A3-0738-43C9-B962-DEBAABE63F4E</string>
	<key>PayloadRemovalDisallowed</key>
	<false/>
	<key>PayloadType</key>
	<string>Configuration</string>
	<key>PayloadUUID</key>
	<string>4BED8AF1-F1AC-4D2D-8B29-A130453BECB9</string>
	<key>PayloadVersion</key>
	<integer>1</integer>
</dict>
</plist>

![]("https://developer.apple.com/forums/content/attachment/d6e05749-559e-4428-95ad-96f304f36049" "title=IMG_0004.PNG;width=1668;height=2224")


![]("https://developer.apple.com/forums/content/attachment/3d4644b6-c074-486c-8010-1b843dc78c77" "title=IMG_0003.PNG;width=1668;height=2224")
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![]("https://developer.apple.com/forums/content/attachment/a940b74b-3de0-4b52-b086-5e1102cb6ece" "title=IMG_0002.jpg;width=1668;height=2224")
``