@Chris D this seems like a genuine bug, perhaps introduced in 2.3.11, maybe earlier? I am not sure.
Short version: the template still calls cookie-consent, but the JS handler seems gone.
In XF 2.3.11, public:misc_cookies still renders the Accept/Reject cookie buttons with data-xf-click="cookie-consent":
/src/addons/XF/_data/templates.xml:65610 and :65619.
But the 2.3.11 JS does not appear to register a cookie-consent click handler. The event system then falls through to normal link navigation, so /misc/cookies?update=1&accept=1... is loaded as a normal HTML page. XF\Pub\Controller\MiscController::actionCookies() applies consent and returns a redirect reply, which explains the visible “Redirecting” page.
In XF 2.2.19 this was handled by XF.CookieConsentClick in js/xf/core/structure.js:3352, registered at :3525 via XF.Event.register('click', 'cookie-consent', 'XF.CookieConsentClick'). That equivalent handler/registration seems absent in 2.3.11.
If this is wrong, then apologies in advance. I just thought it might help to investigate, as a lot of forums use the consent banners.