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When a connections has ipv4.may-fail=yes (the default), NetworkManager stops trying DHCPv4 after the timeout (45 seconds) if IPv6 succeeds in the meantime. See also bug 1503587 which fixed a similar problem but only for DHCPv4 renewals, not for the initial activation attempt.
https://gitlab.freedesktop.org/NetworkManager/NetworkManager/merge_requests/243
Since the problem described in this bug report should be resolved in a recent advisory, it has been closed with a resolution of ERRATA. For information on the advisory, and where to find the updated files, follow the link below. If the solution does not work for you, open a new bug report. https://access.redhat.com/errata/RHBA-2020:1847