SUMMARY I know this is intended behavior but it doesn't help the workflow. "Click cycle tasks" should cycle the tasks not minimize them, since it acts as a kind of "alt-tab" (within the current application) Imagine if Alt-Tab cycled between focus and minimize - it wouldn't be usable. There should be an option for people who don't want the minimization behavior - or better yet change the default behavior.
This behavior was so undesirable that I set up a kwin rule as a hack to disable minimization entirely for all windows. This is probably a bit extreme for most people but for me it's worth it.
Latte git version provides that option.