As noted by @haarg in this comment:
The documentation states that since perl 5.20, the /p flag is ignored and ${^MATCH} is equivalent to $&. This is incorrect. The /p flag is not ignored, and still controls the population of ${^MATCH} etc. The simplest resolution to this is likely to make the behavior match the documentation
As I'm currently working on implementing PPC0014, I've bumped into this issue. And I agree with @haarg's conclusion (fix the implementation).