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NM starts a DHCP grace period even if the DHCP client is not running. Instead it should detect that the client terminated and fail the connection, or proceed without waiting.

See here for more details and logs:
https://bugzilla.redhat.com/show_bug.cgi?id=1578668#c4

Fixed upstream:

https://cgit.freedesktop.org/NetworkManager/NetworkManager/commit/?id=89caba77cbcdc1bb2160e0012c412c2458445b56

Consider the following scenario with main.dhcp=dhclient:

    * Prepare simulated test "testX4" device
    * Add connection type "ethernet" named "con_ipv4" for device "testX4"
    * Modify connection "con_ipv4" changing options "ipv4.may-fail no"
    * Bring "down" connection "con_ipv4"
    * Note dhclient pids
    * Bring "up" connection "con_ipv4"
    When "con_ipv4" is visible with command "nmcli con show -a" in "10" seconds
    * Wait for at least "10" seconds
    * Execute "mv /usr/sbin/dhclient /usr/sbin/dhclient-tmp"
    * Execute "cp /usr/bin/false /usr/sbin/dhclient"
    * Kill dhclient with not noted pid

After this, when IPv4 expires on testX4 (it is not renewed, because dhclient always fails), connection con_ipv4 stays active. The connection should fail, when IPv4 lease expires and there is no dhclient running.

moving to rhel-8, as rhel-7 will only get "important" fixes.

After evaluating this issue, there are no plans to address it further or fix it in an upcoming release.  Therefore, it is being closed.  If plans change such that this issue will be fixed in an upcoming release, then the bug can be reopened.