Displays not turning off for energy saving

After latest update KDE is not turning off displays after defined inactivity period. When I get back to my PC, both displays are on and when I touch keyboard, they just dim for a split of second and continue to be turned on.

Before the update displays were correctly turned off for energy saving after inactivity.

$ inxi -Fxxxz
System:    Kernel: 5.15.2-2-MANJARO x86_64 bits: 64 compiler: gcc v: 11.1.0 Desktop: KDE Plasma 5.23.3 tk: Qt 5.15.2
           wm: kwin_x11 vt: 1 dm: SDDM Distro: Manjaro Linux base: Arch Linux
Machine:   Type: Desktop System: ASUS product: N/A v: N/A serial: <superuser required>
           Mobo: ASUSTeK model: ROG STRIX B550-F GAMING (WI-FI) v: Rev X.0x serial: <superuser required>
           UEFI: American Megatrends v: 2201 date: 04/07/2021
Battery:   Device-1: hidpp_battery_8 model: Logitech Wireless Mouse MX Master 3 serial: <filter>
           charge: 100% (should be ignored) rechargeable: yes status: Discharging
CPU:       Info: 6-Core model: AMD Ryzen 5 3600X bits: 64 type: MT MCP arch: Zen 2 rev: 0 cache: L1: 384 KiB L2: 3 MiB
           L3: 32 MiB
           flags: avx avx2 ht lm nx pae sse sse2 sse3 sse4_1 sse4_2 sse4a ssse3 svm bogomips: 91074
           Speed: 3644 MHz min/max: 2200/3800 MHz boost: enabled Core speeds (MHz): 1: 3644 2: 2091 3: 2200 4: 2145 5: 2073
           6: 2337 7: 2195 8: 2189 9: 3830 10: 2137 11: 2167 12: 2196
Graphics:  Device-1: NVIDIA vendor: Gigabyte driver: nvidia v: 495.44 bus-ID: 07:00.0 chip-ID: 10de:2489 class-ID: 0300
           Display: x11 server: X.Org 1.21.1.1 compositor: kwin_x11 driver: loaded: nvidia resolution: 1: 1920x1200~60Hz
           2: 3840x2160~60Hz s-dpi: 120
           OpenGL: renderer: NVIDIA GeForce RTX 3060 Ti/PCIe/SSE2 v: 4.6.0 NVIDIA 495.44 direct render: Yes
Audio:     Device-1: NVIDIA GA104 High Definition Audio vendor: Gigabyte driver: snd_hda_intel v: kernel bus-ID: 07:00.1
           chip-ID: 10de:228b class-ID: 0403
           Device-2: Advanced Micro Devices [AMD] Starship/Matisse HD Audio vendor: ASUSTeK driver: snd_hda_intel v: kernel
           bus-ID: 09:00.4 chip-ID: 1022:1487 class-ID: 0403
           Sound Server-1: ALSA v: k5.15.2-2-MANJARO running: yes
           Sound Server-2: JACK v: 1.9.19 running: no
           Sound Server-3: PulseAudio v: 15.0 running: no
           Sound Server-4: PipeWire v: 0.3.40 running: yes
Network:   Device-1: Intel Wi-Fi 6 AX200 driver: iwlwifi v: kernel bus-ID: 05:00.0 chip-ID: 8086:2723 class-ID: 0280
           IF: wlp5s0 state: down mac: <filter>
           Device-2: Intel Ethernet I225-V vendor: ASUSTeK driver: igc v: kernel port: N/A bus-ID: 06:00.0 chip-ID: 8086:15f3
           class-ID: 0200
           IF: enp6s0 state: up speed: 1000 Mbps duplex: full mac: <filter>
           IF-ID-1: docker0 state: down mac: <filter>
Bluetooth: Device-1: Intel AX200 Bluetooth type: USB driver: btusb v: 0.8 bus-ID: 1-5:2 chip-ID: 8087:0029 class-ID: e001
           Report: rfkill ID: hci0 rfk-id: 6 state: up address: see --recommends
Drives:    Local Storage: total: 2.05 TiB used: 1.15 TiB (56.2%)
           ID-1: /dev/nvme0n1 vendor: Kingston model: SA2000M81000G size: 931.51 GiB speed: 31.6 Gb/s lanes: 4 type: SSD
           serial: <filter> rev: S5Z42105 temp: 33.9 C scheme: GPT
           ID-2: /dev/sda vendor: Samsung model: SSD 840 PRO Series size: 238.47 GiB speed: 6.0 Gb/s type: SSD
           serial: <filter> rev: 6B0Q scheme: GPT
           ID-3: /dev/sdb vendor: Western Digital model: WD10EAVS-00M4B0 size: 931.51 GiB speed: 3.0 Gb/s type: N/A
           serial: <filter> rev: 0A01 scheme: MBR
Partition: ID-1: / size: 71.59 GiB used: 24.67 GiB (34.5%) fs: ext4 dev: /dev/nvme0n1p2
           ID-2: /boot/efi size: 299.4 MiB used: 312 KiB (0.1%) fs: vfat dev: /dev/nvme0n1p1
           ID-3: /home size: 714.69 GiB used: 510.83 GiB (71.5%) fs: ext4 dev: /dev/nvme0n1p5
           ID-4: /var size: 119.65 GiB used: 44.26 GiB (37.0%) fs: ext4 dev: /dev/nvme0n1p4
Swap:      ID-1: swap-1 type: partition size: 8.8 GiB used: 760.9 MiB (8.4%) priority: -2 dev: /dev/nvme0n1p3
Sensors:   Message: No sensor data found. Is lm-sensors configured?
Info:      Processes: 393 Uptime: 2d 13h 22m wakeups: 28 Memory: 31.32 GiB used: 12.21 GiB (39.0%) Init: systemd v: 249
           Compilers: gcc: 11.1.0 clang: 13.0.0 Packages: 1671 nix-usr: 35 pacman: 1617 flatpak: 19 Shell: Zsh v: 5.8
           running-in: konsole inxi: 3.3.09

Maybe it’s worth mentioning that following commands are turning off displays immediately:

$ xset dpms force standby
$ xset dpms force suspend