We do have this logged on our internal trackers, and we'll be further investigating it ahead of the next RJ update. From our previous investigations, it appears to be a core MSFS 2024 bug, and fixing it on our side will require a rewrite of that autopilot mode's code, which is a significant time investment and needs to be scheduled into our workflow at an appropriate time. Therefore, we can't provide a specific time frame for when the next RJ update will be at this time.
From my experience, the aforementioned LVL CHG behaviour may only exist on the first LVL CHG engagement of a flight and only if a specific simconnect call is being made by another program to generate AI traffic. If you experience this behaviour in the sim under those conditions, my recommendation is to toggle LVL CHG ON > OFF > ON, and LVL CHG will then behave as expected for the remainder of the flight.
Mark - Just Flight