Why does macOS Monterey not enable cmd/⌘-H "hide" an application when it's the only one that's not hidden?

Hiding the current application with cmd/⌘-H does not work when current app is only non-hidden one, but does work when there are other, non-hidden applications. Why? And is there some way to make it work? I just discovered this when upgrading from Catalina to Monterey. I've been using macOS for at least 10 years, and cmd/⌘-H has _always_ hidden the current application, even when said app is the only non-hidden one. cmd-option-H (which hides all the non-current applications) appears to work just fine. My OS version running on my MacBook:

$ sw_vers
ProductName:	macOS
ProductVersion:	12.6.1
BuildVersion:	21G217
$