Upgrade to 9.4.11. I am using a few product catalog modules in a few landing pages for specific campaigns.
Because it is easier for the admin to select the product group, I am using "Show Product Groups" instead of "Show Index".
In the previous version all went well but after the upgrade the products are not shown anymore. I get a "No products found" message.
I have checked the index and it is fine. The products from this group are displayed in the catalog without any issues.
I have even seen a situation where this setting will only display some of the products in that group (weird).
I have capture a walkthrough in the video below: