I have tested the following and the right-click context menu on taskbar buttons works as expected in each scenario. (Windows 11 Pro - 22635.4000; Stat11v2 - 2.08)
Enhanced taskbar off (combined or uncombined in Windows settings)
Enhanced taskbar on (combined or uncombined)
Enhanced taskbar on (uncombined w/ Always hide text... checked)
It's possible another Start11 setting is causing this.
If you're willing, what happens if you roll-back the update?