I don't have a Monterey system on which to reproduce your exact environment, but with 5.8.1 freshly built from the git tag (albeit running on Tahoe), I can confirm what Mikael and Peter said: your snippet sets v to "a b" without extendedglob, and "b" with extendedglob, irrespective of nounset.
So something else is going on in your environment. If this is the /bin/zsh shipped by Apple it might have a bug introduced by their build process?
I would just install the latest version available via Homebrew and run that instead of the one in /bin.