Extension upgrades are not run if there are no core upgrades
@totten recently did: https://github.com/civicrm/civicrm-core/pull/24030 to include extension upgrades in the core upgrades.
I've noticed a couple times, however, that there seem to be extension upgrades still waiting after upgrading CiviCRM code base and running cv upgrade:db
. Could it be that if there are no core upgrade hooks waiting that it won't run the extension upgrades? It does seem likely given my chat with @colemanw https://chat.civicrm.org/civicrm/pl/cfd18cjpofg5iesh7o4zqejcbh.