No matter what I set the Pending Payment Order Lifetime value to, abandoned orders still remain as pending and tie up stock until the order is manually canceled in the admin panel.
Is there a step I'm missing in setting this up or does this feature work?
Hello @kevin_devane
You can use this extension to get pending order cancelled after certain period of time.
https://bsscommerce.com/magento-2-auto-cancel-order-extension.html
@kevin_devane you can use the below extension to set the particular condition for auto cancelling the order and re-stock the product.
http://shreejiinfosys.co.in/auto-cancel-order-magento-2.html
You can also check this thread who is facing the same issue and finds this extension most helpful for him.
Thanks