I just noticed that the entity has gone from “away” to “unavailable” which has made me realise that the entity comes from the uniffi component. I suppose the old DHCP lease for the wifis MAC address has now expired. That would indeed suggest I should just delete.
The MAC in the device info would still be wrong, but I suppose that is strictly speaking the id of the actual M5 lite not the lite+poe combined device.
I just happened to be looking at the ESP device logs and actually it does show the “WiFi” mac address (the one which HA reports) as the Ethernet address:
[11:45:26][C][ethernet:341]: Ethernet:
[...]
[11:45:26][C][ethernet:552]: MAC Address: 4C:75:25:AD:AE:DC
But what my Uniffi controller (and DHCP server) are seeing 4c:75:25:ad:ae:df.
So this smells like it is perhaps an issue with the esphome Ethernet support not an HA thing.