Modems randomly stop working with ttyUSBXX port time outs after upgrading to ModemManager 1.18.6

I have recently upgraded to the new LTS Ubuntu 22.04, which comes by default with ModemManager 1.18.6, I was coming from Ubuntu 21.10 with ModemManager 1.16.6, where everything was working great.

After upgrading, I have noticed that modems on my system randomly stop working, with ModemManager giving errors similar to [modem20] port ttyUSB23 timed out 3.

There are a few things I was able to find, which might help diagnose the problem:

1. It seems that the modems that fail are starting to fail immediately after I bring up ModemManager. Some modems will fail within the first couple of minutes, after that the ones that didn't fail, will keep working normally. The modems that fail are random each time.
2. I can also trigger a fail manually on any modem by inhibiting the modem, after uninhibiting, the modem will not come back up.
3. Rebooting a modem completely with AT+QPOWD makes the modem come back up.
4. Restarting the ModemManager systemd service, brings back all modems.
5. I have verified that I can manually connect to the serial port that ModemManager is saying has timed out, and I can normally send AT commands (using socat).

I have attached the debug logs of ModemManager, NetworkManager, and MBIM-proxy here:

network-manager-debug.log

modemmanager-debug.log

mbim-proxy-debug.log

Any idea on how I might resolve this?