New in XFCE 4.18, xfce4-display-settings pops up every time the display wakes up

This is a new behavior after upgrading to XFCE 4.18.

After the upgrade every time the monitor wakes up (e.g. after the screensaver and power management puts it to sleep) upon logging back in, the "Display" dialog (xfce4-display-settings -m) pops up.

I do have the setting "When new displays are connected" set as "Show dialog", however I use the same monitor so technically it shouldn't be asking every time the monitor wakes up. Setting it to "Do nothing" stops the dialog from showing but this is more of a workaround than a solution.

I tried creating a profile for this display but upon logging back the profile was ignored.

I searched through the new XFCE version release notes and googled it but found nothing relevant. Any hint would be greatly appreciated.

P.S. This issue was discussed in Arch forums but no meaningful explanation or solution was suggested.