Issue with Block All Remote Content in Mail Privacy Protection in iOS 15?

One of the three privacy features introduced in iOS 15 is Mail Privacy Protection, the setting for which is at Settings>Mail>Privacy Protection (pictured in the right frame below). Although it appears to give us two options which we can exercise separately, I find there is not a way to receive Remote Content in email automatically, if the option to Hide IP Address is turned On, even though the option to Block All Remote Content is turned Off.

In the left frame note there is still a link to Load Content for newsletters and other email when Hide IP Address is turned On, even though the Block All Remote Content option is turned off. That causes two clicks to fully open an email message instead of one. When Hide IP Address and Block All Remote Content are Off images and other content is loaded automatically and the Load Content link does not appear.

Have others noticed the same problem or was my update to iOS 15 corrupted somehow.

Info on the Mail Privacy Protection feature is at

https://support.apple.com/guide/iphone/use-mail-privacy-protection-on-iphone-iphf084865c7/ios

The other two privacy features in iOS 15, unrelated to this message, are listed below.

• About iCloud Private Relay (beta)

https://support.apple.com/en-us/HT212614

Settings>Name>iCloud>Private Relay

• Hide your personal email address in Safari on iPhone

https://support.apple.com/guide/iphone/hide-your-personal-email-address-iphbb888fde2/ios

Settings>Name>iCloud>Hide My Email