The docs for `blocksonly` say that "Transactions from the wallet or RPC are not affected" but the code says:

    if (gArgs.GetBoolArg("-blocksonly", DEFAULT_BLOCKSONLY) && gArgs.SoftSetBoolArg("-walletbroadcast", false)) {
        LogPrintf("%s: parameter interaction: -blocksonly=1 -> setting -walletbroadcast=0\n", __func__);
    }

Here's the relevant documentation:

    -blocksonly
       Whether to reject transactions from network peers. Transactions from the
       wallet or RPC are not affected. (default: 0)

    -walletbroadcast
       Make the wallet broadcast transactions (default: 1)

Doesn't that imply that `blocksonly` *does* affect transactions from the wallet?

#if defined(HAVE_CONFIG_H)
#include <config/bitcoin-config.h>
#endif
#include <init.h>
#include <addrman.h>
#include <amount.h>
#include <banman.h>
#include <blockfilter.h>
#include <chain.h>
#include <chainparams.h>
#include <compat/sanity.h>
#include <consensus/validation.h>
#include <fs.h>
#include <httprpc.h>
#include <httpserver.h>
#include <index/blockfilterindex.h>
#include <index/txindex.h>
#include <interfaces/chain.h>
#include <key.h>
#include <miner.h>
#include <net.h>
#include <net_permissions.h>
#include <net_processing.h>
#include <netbase.h>
#include <node/context.h>
#include <policy/feerate.h>