nmstateconfig file not getting applied to bare metal host

Configuration files applied via the API do not have any effect on the configuration of the bare metal host.
    

OpenShift 4.12.42 with ACM 2.8
    

Reproducible.
    

1. Applied nmstateconfig via 'oc apply', realized after it booted the subnet prefix was incorrect.
2. Deleted bmh and nmstateconfig.
3. Applied correct config  via 'oc apply', machine boots with 1st config still.
4. Deleted bmh and nmstateconfig.
5. Created host via BMC form in GUI with correct config.  Machine boots with correct config.
6. Tested deleting bmh and nmstateconfig, and creating new machine by just applying the bmh file with zero network config, and machine boots again with networking from step 5.
    

Bare metal host does not get config via 'oc apply'.
    

'oc apply -f nmstateconfig.yaml' should work to apply networking configuration.
    

HP Synergy 480 Gen10 (871942-B21)
UEFI boot with redfish virtual media
Static IP with bonding.