My last experience with Pixel 8a: after the calibration charging till 100% I got that shield, but after approx. 80 minutes (according to AccuBattery log) the phone began discharge from 100% down, as if it was no bypass anymore, however the shield icon was still present. So the shield icon was there, the charger was connected to the phone, but actually no bypass and no charge at that time.
Additionally I noticed in general enormously high battery consumption on my both Pixel 7a and 8a after the last update.