Can't get punch-in recording to work

I’m trying to punch in a guitar section. I’ve activated the punch-in and punch-out points, de-activated “lock punch points to locators”, armed the track for recording, and pressed the play button, The track does not start recording when it hits the punch-in point - it just keeps playing. If I hit the record button it works fine (overwriting the previous take).
Here’s what the project looks like:

Any idea what I might be doing wrong?

Hi and welcome,

On your screenshot, I can see the Punch In and Punch Out poi’s are at the very same position. Set the Punch Out to other place, please.