In QuickBooks Online (QBO), the processing and approval of cut-off times depend on your payroll service. When you run a direct deposit (DD) that has two banking days lead time, your employees will receive their pay two banking days after submitting it.
In addition, we are currently seeing other users posting the same issue here in the Community. We will also inform our Product Engineers about this behavior so they can investigate further. Rest assured that they're now working to fix this as quickly as possible.