This also stopped working for me after updating to 15.4. Previously, it worked flawlessly since acquiring my M4 MBP on launch day.
I've got an Ascrono docking station (
https://ascrono.com/products/ascrono-macbook-docking-station) routing USB-C into a Gigabyte M32U (
https://www.gigabyte.com/Monitor/M32U), which I'm using as a KVM switch, so all my peripherals are plugged into that.
Before updating, I was able to have my laptop closed and whenever I slid it into the docking station, the monitor would turn on and the keyboard and mouse would become active.
After updating, I can only use the monitor and its KVM feature if I plug the laptop into the monitor (via USB-C) while the laptop is open. If I close the laptop afterwards, it continues to work. Attempts to plug the monitor directly into the laptop (without the Ascrono docking station, via USB-C) while the laptop is initially closed are not successful. Additionally, sometimes the monitor display will become active, but the KVM feature will need to be manually changed for the USB passthrough to function.
I've confirmed that none of my battery, display, or other setting have changed since the update. Is there a new setting that did not exist before that would be affecting when USB-C ports are active or something? Anyone else seeing similar behavior?