You are correct. I also think it worked at some time, but that has been at least 4 years ago.
Again, what completely stumps me is that that TouchID setting is still in the app's configuration menu, yet it has not worked for years. How is that even possible ?
PS: in my activity history, I can see there were threads as old as 2019 on this subject ! Unfortunately, I cannot see the entire thread (no permission) probably because they have been archived.