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 ENABLE_ZMQ
    if (g_zmq_notification_interface) {
        UnregisterValidationInterface(g_zmq_notification_interface);
        delete g_zmq_notification_interface;
        g_zmq_notification_interface = nullptr;
    }
#endif
    try {
        if (!fs::remove(GetPidFile())) {
            LogPrintf("%s: Unable to remove PID file: File does not exist\n", __func__);
        }
    } catch (const fs::filesystem_error& e) {
        LogPrintf("%s: Unable to remove PID file: %s\n", __func__, fsbridge::get_filesystem_error_message(e));
    }
    node.chain_clients.clear();
    UnregisterAllValidationInterfaces();
    GetMainSignals().UnregisterBackgroundSignalScheduler();
    globalVerifyHandle.reset();
    ECC_Stop();
    if (node.mempool) node.mempool = nullptr;
    node.scheduler.reset();
    LogPrintf("%s: done\n", __func__);
}
/**
 * Signal handlers are very limited in what they are allowed to do.
 * The execution context the handler is invoked in is not guaranteed,
 * so we restrict handler operations to just touching variables:
 */
#ifndef WIN32
static void HandleSIGTERM(int)