I tried to disable all extensions but this one: the behavior is absolutely the same, so I don't think there's an extension conflict.
Replicating the issue is quite simple: e.g., you need to modify the content of field Str Adj, pumping it up so that modified Strength is enough to shift character encumbrance from medium to lower, and you can see that no switch occurs.
This is the initial status:
Attachment 48720
After Str Adj edit:
Attachment 48721
As you can see, Max Stat field is not updated. Now, if you simply change HP in CT, or unequip and equip again an item in the PC inventory, Max Stat is correctly updated:
Attachment 48722
Now, if I add CharManagerTE.calcItemArmorClass_new(nodeChar) as last statement at the end of function onEncumbranceChanged(nodeChar), all is working fine, and I cannot see any recursive code warning in Console.
I'm testing this on Unity.