Yes. It is intended. It was changed a little while ago to correct errors in previous searches results.
If you start at the bottom of the page and turn wrap off on searching the current page only…. Then it is logical you won’t get a result. It is definitely different from the previous method but it does have logic/consistency. I think the only thing left that had some tweaking to do was the “Dot All” check box in options (IIRC).
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