New version of AZ CLI (2.27.0) is not usable, getting error

ERROR: 'NoEffect'

To Reproduce
Update your AZ CLI to latest (2.27.0), then run a what-if deployment such as
az deployment sub what-if -f ..

Note: 2.26.0 is working fine, no issue.

Expected behavior
Expected to run what-if with no problem

Environment summary
Latest microsoft hosted windows agent
AZ CLI 2.27.0