I'm on Adobe InDesign 20.3.1 on an M1 Max MacBook Pro currently running Sequoia 15.5, but I always keep my system and apps up to date within a day or two of an update being released.

The text wrap isn't affecting the vertical centering of text box content in the way it should. The vertical alignment within the text box seems to be ignoring the space taken up by the wrapped object, leading to the content being centered within the entire text box rather than just the available space above the wrapped object.
In the screenshot, you can see that the text box that overlaps with the wrapping object is centering to the entirety of the text box. A 2nd text box on the left is shortened to show where it SHOULD be aligning to. The warping object is on top of the text box, and the text box does not have "Ignore Text Wrap" checked. Any ideas on a fix?