Looks like the formula is working, Is your load month Jan 23?

The load month for employee ID E000001 is 12/31/2022, and the hire date is 10/01/2022, but both are showing as January 2023 in the EE_Data_Load Month and EE_Data_Hire Date metrics.

I opened the dependency diagram and noticed that my set actuals have been marked as "true" starting from January 2023. Is this something I need to update?
 

Yeah this is filtering the data you report on to a month later that that of the load month of your transaction list. Which may be intentional if  the only data you care to show is Jan 23 and forward. Looks like your are using the Version to determine which reporting months that are relevant. 

If you should be reporting from Dec 22 onward you would do:

(Month.‘Start Date’ >= EE_Load_HRIS.‘Load Month’.‘Start Date’)SCURRENTVALUE = TRUE]