PnP PowerShell Connection (Delegated Access)

[HackFury]

I am trying to connect to a SharePoint Online site ("https://yourtenant.sharepoint.com/sites/Test-Site") using PnP PowerShell (v2.12.0 ** Also tried 2.99.103-nightly) and Entra ID Application Registration (Delegated Access). Connection seems to be successful:
VERBOSE: PnP PowerShell Cmdlets (2.12.0)

VERBOSE: Connecting using Interactive login

VERBOSE: Using ClientID xxxxxx

VERBOSE: Connected

The Entra ID Application Registration API Permission for SharePoint has:

• AllSites.Read / AllSites.Write / AllSites.Manage / AllSites.FullControl - Delegated (Admin consent granted)

However when I execute the following commands, I get the same error for both (Attempted to perform an unauthorized operation.):
Get-PnPWeb
Get-PnPSite

If I connect to the tenant site ("https://yourtenant.sharepoint.com/") using the same PnP PowerShell (v2.12.0) and Entra ID Application Registration (Delegated Access), I have no issues with Get-PnPWeb/Get-PnPSite on the tenant site.

If I connect to a specific SharePoint Online site ("https://yourtenant.sharepoint.com/sites/Test-Site") using the same PnP PowerShell (v2.12.0) and Entra ID Application Registration but with Application Access, I have no issues with Get-PnPWeb/Get-PnPSite on "Test-Site".

Is this due to a bug or is it a limitation with Delegated Access?