Upgrade from 4.11.4->4.12.3 completed successfully:
======================
[cloud-user@ocp-ipi-executor-xl ~]$ oc get csv -n openshift-cnv
NAME                                       DISPLAY                    VERSION   REPLACES                                   PHASE
kubevirt-hyperconverged-operator.v4.12.3   OpenShift Virtualization   4.12.3    kubevirt-hyperconverged-operator.v4.11.4   Succeeded
[cloud-user@ocp-ipi-executor-xl ~]$ oc get hco kubevirt-hyperconverged -n openshift-cnv -o json | jq ".status.versions"
[
  {
    "name": "operator",
    "version": "4.12.3"
  }
]
[cloud-user@ocp-ipi-executor-xl ~]$

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 (OpenShift Virtualization 4.12.3 Images), 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-2023:3283