FloatingPawnMovement being affected by gravity (and more)

From what I understand this isn’t supposed to be possible… But as soon as I add FloatingPawnMovementComponent to my pawn, tick physics and gravity, and pie, my pawn falls (with no movement input). FloatingPawnMovement says it is supposed to ignore gravity. Unticking gravity locks my pawn in place - any input vector seems to be ignored. Constraining to axes within the Component yields no change, and constraining axes in my actors mesh causes the pawn to go all wonky, suddenly rotating in strange ways, and sometimes moving in the opposite direction it should. Honestly, it’s almost spooky.