Yes, the manual explicitly notes that -p can not be used with -l: https://man.openbsd.org/nc.1

And this is indeed enforced, see line 424: http://cvsweb.openbsd.org/cgi-bin/cvsweb/src/usr.bin/nc/netc...

However, at least Debian ships a ported version of BSD's netcat. They actually apply a patch to allow using -p and -s with -l for consistency with traditional netcat: https://sources.debian.org/patches/netcat-openbsd/1.217-3/us...