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Have tested the nmstate-1.2.1-12.el8_6 in openshift test environment where the original issue been found.

Verified with:
nmstate-1.2.1-12.el8_6.x86_64
nispor-1.2.3-1.el8.x86_64
NetworkManager-1.36.0-12.el8_6.x86_64
openvswitch2.15-2.15.0-133.el8fdp.x86_64
Linux dell-per730-03.rhts.eng.pek2.redhat.com 4.18.0-372.41.1.el8_6.x86_64 #1 SMP Thu Jan 5 13:56:06 EST 2023 x86_64 x86_64 x86_64 GNU/Linux
DISTRO=RHEL-8.6.0-updates-20230220.38

There is a similar error with https://bugzilla.redhat.com/show_bug.cgi?id=2160416#c17
As openshift has tried nmstate-1.2.1-12.el8_6 and met the expectation, I'll mark this bug PASS and track the new issue with the bug above(for rhel8.8)

Created attachment 1945826 [details]
nmstate.log

The attachment is the log of 8.6.0.z nmstatectl

Now all work well with nmstate-1.2.1-14.el8_6.x86_64

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 (nmstate bug fix and enhancement 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/RHEA-2023:1831