For example, here's the output of cargo upgrade --incompatible=allow --pinned=allow:

Note that it incorrectly detects the latest versions of most of the packages.
I have similar behavior with cargo upgrade --incompatible=allow.
Also, these commands take about 5 minutes to finish, which seems very slow to me.

FYI, I'm fully up to date as of time of writing (rustc 1.73.0 (cc66ad468 2023-10-03) and cargo-edit-upgrade 0.12.2.