Starting with 2025.10 - it seems ZHA tries to discover Zigbee adapters on the local network. This discovry seems to prevent Zigbee2MQTT from connecting to the adapter.
There are additional details in this thread on GitHub:
https://github.com/Koenkk/zigbee2mqtt/issues/28861
I had to restore 2025.9.3 from backup (and that was the only version change I made) and now things work again, but I'm stuck on that version until this issue is addressed.
This happened even after I clicked "Ignore" on the discovered adapter.