We just tried this can can confirm we see the same thing. We took a student iPad and we were able to see the option of 'Erase All Content and Settings' available even though that is restricted it for student devices. We tried going through with that erase and it seems to work. We are on 10.32.2 (On Prem) I wonder if this is a Jamf or Apple issue ? Has anyone opened a ticket with Jamf ?

I have opened a ticket with Jamf to make sure they are aware.

Can confirm that this is an Apple issue with iOS 15. Jamf PI-010163

I tested it out with a student iPad too and same result. Even though 'Erase All Content and Settings' is restricted it is still enabled on the iPad. This causing quite a bit of a problem.

I am seeing the same thing, I thought maybe the config file was depreciated so I created a new one with just that option restricted and still no good.  Hope a solution is found before users find this out.

I did open a ticket with Jamf.  They came back and said that it was a product issue with Apple that is logged in their records as PI-010163. (As previously mentioned by @jbisgett )  At this time, there is not a fix, but they anticipate with newer iOS updates, it will be resolved. I haven't tested this with 15.0.1 or the 15.1 beta. I hope we see a resolution to this one soon. 

I did test today with 15.0.1 and still the same.

Following this thread for updates, same issue here

Same issue with 15.0.2

According to other threads, this should be fixed in 15.1

Has anyone confirmed this is fixed with 15.1?

I can also confirm that our testing shows that it is now working correctly with 15.1

Is anyone else also seeing this issue persist with iPadOS 15.2...?

No trouble with this since 15.1