Steps to reproduce the issue

Create a top level content category "Products" and under it 5 child sub-categories and then under them another 5 sub-categories.

For example:

• Products
  • Category 01
    • Sub-Category 11
    • Sub-Category 12
    • Sub-Category 13
    • Sub-Category 14
    • Sub-Category 15
  • Category 02
    • Sub-Category 21
    • Sub-Category 22
    • Sub-Category 23
    • Sub-Category 24
    • Sub-Category 25
  • Category 03
    • Sub-Category 31
    • Sub-Category 32
    • Sub-Category 33
    • Sub-Category 34
    • Sub-Category 35
  • Category 04
    • Sub-Category 41
    • Sub-Category 42
    • Sub-Category 43
    • Sub-Category 44
    • Sub-Category 45
  • Category 05
    • Sub-Category 51
    • Sub-Category 52
    • Sub-Category 53
    • Sub-Category 54
    • Sub-Category 55

Then create an "Articles - Categories" module with the options:

• Parent Category -> Products
• Category Descriptions -> Hide
• Number of Articles -> Hide
• Subcategories -> Hide
• First Subcategories -> ALL
• Maximum Level Depth -> 1

Expected result

• Category 01
• Category 02
• Category 03
• Category 04
• Category 05

Actual result

• Category 01
• Sub-Category 11
• Sub-Category 12
• Sub-Category 13
• Sub-Category 14
• Sub-Category 15
• Category 02
• Sub-Category 21
• Sub-Category 22
• Sub-Category 23
• Sub-Category 24
• Sub-Category 25
• Category 03
• Sub-Category 31
• Sub-Category 32
• Sub-Category 33
• Sub-Category 34
• Sub-Category 35
• Category 04
• Sub-Category 41
• Sub-Category 42
• Sub-Category 43
• Sub-Category 44
• Sub-Category 45
• Category 05
• Sub-Category 51
• Sub-Category 52
• Sub-Category 53
• Sub-Category 54
• Sub-Category 55

System information (as much as possible)

Joomla 4.4.3
PHP Version: 8.1.27
Database Version: 10.2.44-MariaDB
Web Server: nginx/1.24.0

Additional comments

In Joomla 4.3.4 was working as expected. After upgrading to Joomla 4.4.3 it doesn't filter the menu items in order to only show maximum level Depth 1 menu items.