The events are verified on the latest CI build as follows.

[svanka@svanka machine-config-operator]$ oc get events -A | grep Skipping
default                                            13m         Normal    ActionProhibited                                   node/cluster                                                                    Skipping the Update Node event, name: cluster, transition not allowed from old WorkerLatencyProfile: LowUpdateSlowReaction to new WorkerLatencyProfile: Default
default                                            7s          Normal    ActionProhibited                                   node/cluster                                                                    Skipping the Update Node event, name: cluster, transition not allowed from old WorkerLatencyProfile: Default to new WorkerLatencyProfile: LowUpdateSlowReaction

The events can also be viewed in the Events section while describing the nodes.config custom resource as follows.
[svanka@svanka ~]$ oc describe nodes.config cluster 
Name:         cluster
Namespace:    
Labels:       <none>
Annotations:  include.release.openshift.io/ibm-cloud-managed: true
              include.release.openshift.io/self-managed-high-availability: true
              include.release.openshift.io/single-node-developer: true
              release.openshift.io/create-only: true
API Version:  config.openshift.io/v1
Kind:         Node
Metadata:
  Creation Timestamp:  2022-05-19T11:20:20Z
  Generation:          4
  Managed Fields:
    API Version:  config.openshift.io/v1
    Fields Type:  FieldsV1
    fieldsV1:
      f:metadata:
        f:annotations:
          .:
          f:include.release.openshift.io/ibm-cloud-managed:
          f:include.release.openshift.io/self-managed-high-availability:
          f:include.release.openshift.io/single-node-developer:
          f:release.openshift.io/create-only:
        f:ownerReferences:
          .:
          k:{"uid":"10fef1fa-bcb9-4c83-a7b5-9272b388eb9c"}:
      f:spec:
    Manager:      cluster-version-operator
    Operation:    Update
    Time:         2022-05-19T11:20:20Z
    API Version:  config.openshift.io/v1
    Fields Type:  FieldsV1
    fieldsV1:
      f:spec:
        f:workerLatencyProfile:
    Manager:    kubectl-edit
    Operation:  Update
    Time:       2022-05-19T11:44:19Z
  Owner References:
    API Version:     config.openshift.io/v1
    Kind:            ClusterVersion
    Name:            version
    UID:             10fef1fa-bcb9-4c83-a7b5-9272b388eb9c
  Resource Version:  45401
  UID:               42340ebe-65a1-4642-924c-e4c4959a2647
Spec:
  Worker Latency Profile:  LowUpdateSlowReaction
Events:
  Type    Reason            Age   From                                             Message
  ----    ------            ----  ----                                             -------
  Normal  ActionProhibited  66m   machineconfigcontroller-kubeletconfigcontroller  Skipping the Update Node event, name: cluster, transition not allowed from old WorkerLatencyProfile: LowUpdateSlowReaction to new WorkerLatencyProfile: Default
  Normal  ActionProhibited  53m   machineconfigcontroller-kubeletconfigcontroller  Skipping the Update Node event, name: cluster, transition not allowed from old WorkerLatencyProfile: Default to new WorkerLatencyProfile: LowUpdateSlowReaction

Following is the error observed sometimes during the update of the Node CR. Hence re-opened this bug to track the progress.

Could not construct reference to: '&v1.Node{TypeMeta:v1.TypeMeta{Kind:"", APIVersion:""}, ObjectMeta:v1.ObjectMeta{Name:"cluster", GenerateName:"", Namespace:"", SelfLink:"", UID:"5514379c-d76f-4310-82d7-026a411f38a6", ResourceVersion:"53495", Generation:2, CreationTimestamp:time.Date(2022, time.May, 24, 6, 31, 35, 0, time.Local), DeletionTimestamp:<nil>, DeletionGracePeriodSeconds:(*int64)(nil), Labels:map[string]string(nil), Annotations:map[string]string{"include.release.openshift.io/ibm-cloud-managed":"true", "include.release.openshift.io/self-managed-high-availability":"true", "include.release.openshift.io/single-node-developer":"true", "release.openshift.io/create-only":"true"}, OwnerReferences:[]v1.OwnerReference{v1.OwnerReference{APIVersion:"config.openshift.io/v1", Kind:"ClusterVersion", Name:"version", UID:"57bc48e0-8da1-4f8f-9e6e-24b5033fbebf", Controller:(*bool)(nil), BlockOwnerDeletion:(*bool)(nil)}}, Finalizers:[]string(nil), ClusterName:"", ManagedFields:[]v1.ManagedFieldsEntry{v1.ManagedFieldsEntry{Manager:"cluster-version-operator", Operation:"Update", APIVersion:"config.openshift.io/v1", Time:time.Date(2022, time.May, 24, 6, 31, 35, 0, time.Local), FieldsType:"FieldsV1", FieldsV1:(*v1.FieldsV1)(0xc000117308), Subresource:""}, v1.ManagedFieldsEntry{Manager:"kubectl-edit", Operation:"Update", APIVersion:"config.openshift.io/v1", Time:time.Date(2022, time.May, 24, 8, 7, 23, 0, time.Local), FieldsType:"FieldsV1", FieldsV1:(*v1.FieldsV1)(0xc000117338), Subresource:""}}}, Spec:v1.NodeSpec{CgroupMode:"", WorkerLatencyProfile:"LowUpdateSlowReaction"}, Status:v1.NodeStatus{}}' due to: 'no kind is registered for the type v1.Node in scheme "github.com/openshift/machine-config-operator/pkg/generated/clientset/versioned/scheme/register.go:14"'. Will not report event: 'Normal' 'ActionProhibited' 'Skipping the Update Node event, name: cluster, transition not allowed from old WorkerLatencyProfile: LowUpdateSlowReaction to new WorkerLatencyProfile: Default'

Debugging the above issue.

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 (Important: OpenShift Container Platform 4.11.0 bug fix and security update), 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/RHSA-2022:5069