I can confirm the issue is with setting
Control Panel -> Power Options -> Change plan settings -> Change advanced power settings -> Sleep -> Allow wake timers -> set to important wake timer only
When the time is for the PC going into hibernation, it will first wake up. Then it will enter into hibernation. In the event viewer, the following event is there
Event 1, Power-Troubleshooter
The system has returned from a low power state.
Sleep Time: 2023-10-20T02:37:45.072720300Z
Wake Time: 2023-10-20T02:37:45.072720300Z
Wake Source: S4 Doze to Hibernate
Control Panel -> Power Options -> Change plan settings -> Change advanced power settings -> Sleep -> Allow wake timers -> set to Enable
The above event is missing. The PC will wake up at the time when it supposes to go into hibernation. But instead of hibernate, it goes back into sleep. The cycle repeats
Is this a bug in Windows 11?