Editor stays on DX11 when changing Graphics API to DX12

Reproduction steps:
1. Create a new Project
2. Open Edit > Project Settings > Player Window
3. Under “Other Settings” uncheck “Auto Graphics API for Windows”
4. In the “Graphics APIs for Window” List drag the “Direct3d12” item to the top of the list
5. Restart the Editor

Expected result: The Editor starts using DX12
Actual result: The Editor does not start using DX12 and stays on DX11

Reproducible with: 2023.2.0a18
Not reproducible with: 2021.3.26f1, 2022.2.21f1, 2023.1.0b19, 2023.2.0a17

Reproducible on: Windows 10