It’s likely that in the upgrade from 22.04 to 22.10 the default suspend for mem_sleep got changed to “s2idle” instead of “deep”. You can check by typing in a terminal:
cat /sys/power/mem_sleep
If this does show:
[s2idle] deep
you can change it to “deep” by typing:
echo deep | sudo tee /sys/power/mem_sleep
If you then manually suspend the laptop again, the light should start pulsating.
If that fix works, to make it permanent you’ll need to add it to the kernel boot parameters, following something like this advice.
With “s2idle” the power button light stays on during suspend and doesn’t pulsate. Do note that a lot of folks have had good success with s2idle and the kernel boot parameter “nvme.noacpi=1” (see #3 in this section of the Linux battery life tuning OP; there’s also a link there to a more universal way of modifying kernel boot parameters). You should get similar or even better results in terms of battery drain during suspend compared to “deep” plus a faster response time when resuming.
In terms of monitoring tools, I think the Statistics function of the gnome-power-manager might be what you’re looking for, but I’m not that conversant in Ubuntu or Gnome matters.
Hope that helps.