Below is the fix that worked for me. The Windows 11 2022 22H2 update caused a break in the settings when upgrading from Windows 10 to Windows 11 with corrupt system files and disabling the retention settings set by days.
- Set the Retention for the security log to Overwrite Events as Needed (setting to days to clear no longer works)
- Open GPMC and Edit the correct GPO that applies to the OU of the computers
- Computer -- Policies -- Windows Settings -- Security Settings -- Event Log
- Configure Retention to Overwrite Events as Needed
- You may want to increase the Maximum Security Log size to 4,194,240 kilobytes.
Apply the GPO and restart or run gpupdate /force followed by a restart.
NOTE 01: Some systems required a system file repair for this GPO to take by running sfc /scannow in elevated CMD.
NOTE 02: Other systems may require a manual Clear of the security logs in the Event Viewer before the settings take.
I hope this helps.