I have a network-wide pi hole and I noticed that it requested activity.windows.com, a url blocked by my pi hole, even while my pc is suspended. I pinged 10.0.0.217 and it is currently unreachable. So, somehow, windows pc’s turn on networking, phones home, and turns off even while suspended.
Creepy behavior
Thanks for the extra detail. Yes, Fast Startup can be disabled in various ways. The point I was making was that clicking Windows, Shut Down by default doesn’t really do what most people think it does, what it used to always do.