Hovering over panel items does not bring up tooltips with a particular panel configuration

1. Make a new panel.
2. Add the Applications Menu panel item to the new panel.
3. Move the new panel somewhere other than the bottom of the screen.
4. Hover over the applications menu panel item without opening the applications menu.
5. See that the tooltip text Applications Menu appears.
6. Move the new panel to the very bottom of the screen.
7. Hover over the applications menu panel item without opening the applications menu.
8. See that the tooltip text does not appear.
9. Turn on Don't reserve space on borders for the new panel.
10. Hover over the applications menu panel item without opening the applications menu.
11. See that the tooltip text appears.

This happens with all tooltip items, not just the application menu. For example, I cannot hover over the Weather Update panel item to get the current weather conditions.

Distribution: Xubuntu 22.04
Xfce version: 4.16
Xfce panel version: 4.16.3