You see the Network mode in the 2nd picture? It shows LTE when set to LTE. But when on 3G mode it shows that text.
Yes, it's showing the network. Even did a Google Now search to let you see the data is working fine. It didn't lose data connectivity in the 2+ hours that I tested it. The issue listed on the issue tracker isn't detailed enough - they don't seem to know whether it's just a text problem or if the phone is actually trying to jump to a LTE network endlessly.
The only change I did was to add a shinternet APN instead of using the default shwap apn, that's something that I used to do a long time ago due to the belief that the shinternet apn doesn't go through a proxy, someone correct me if this is wrong.
Heck, even if you have a LTE plan, when you switch to 3G, it sticks on 3G just as it should.