Symptoms
The upgrade to 4.6.9 appears to have disabled SmartActions.
Diagnoses
We looked at the current K2HostServer.exe.config after confirming the pre-upgrade configuration in the backup of K2HostServer.exe.config and found that the System self node did not contain the SmartActions account, and enableListeners was set to false.
Resolution
We added the SmartActions account in the format K2:Domainuser to system self, and set enableListeners to True, and restarted the K2 service.