You’re right, with Blender’s default settings it does nothing, my mistake for not checking earlier, sorry. I have a customized startup file where I set the wireframe slider in viewport overlays to 0.5, see image. It seems to be at 1 by default now, showing always all edges regardless of the All Edges settings in properties.

Why we now have two wire edges settings, one in overlay and one in properties, I don’t know.

overlays