Thanks for your feedback.
You can still see metrics from Connections (e.g. network traffic from / to client) and from Classic Queues and Quorum Queues (e.g. how many messages they contain).
The Message Rates are indeed no longer shown for MQTT traffic in the Management UI. This behaviour is similar to RabbitMQ Stream connections. MQTT connections in 3.12 and RabbitMQ Stream connections do not use the Channel process anymore.