Yes, from what I have seen, this is expected.
This still applies :
https://techcommunity.microsoft.com/t5/exchange-team-blog/how-transport-selects-certificates-for-tls/ba-p/593741
I always enable for SMTP when installing any cert that could potentially be used for SMTP ( and Choose NO when asked to overwrite)
You can verify which cert is being used by looking the SMTP protocol logs