In TechPreviewNoUpgrade CAPI IPAM CRDs should be v1beta1 storage:true, v1beta2 storage: false otherwise this will trip up upgrades and it is a release blocker.

Pin IPAM CRDs to use v1beta1 as the storage version.
Upstream CAPI did set v1beta2 as storage version immediately after it was added,
but according to our downstream policy, a new APIVersion cannot be set as storage version
in the same release it gets added. As this would hinder the ability to roll it back in case of an issue.
As such we need to pin the storage version to v1beta1 for at least the first release we GA cluster-api.
After that, we can bump the storage version to v1beta2, and run the storage version migration.

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