Consider a bead on parabolic wire satisfying $z=\alpha \rho^2$ and rotating about the $z$-axis with a uniform angular velocity $\omega$ so that $\phi=\omega t$. The Lagrangian is given by $$L=\frac{1}{2}m[(1+4\alpha^2\rho^2)\dot{\rho}^2+\rho^2\omega^2]-mg\alpha\rho^2.$$ See here. In this problem, a rotation about the $z$-axis does not change $\rho=\sqrt{x^2+y^2}$ and $\dot{\rho}$. So there is a symmetry of the Lagrangian about the z-axis. But despite that why is the $z$-component of the angular momentum, $L_z=m(x\dot{y}-y\dot{x})=m\rho^2\omega$ not conserved? Why? What do I misunderstand here conceptually?
Could it be that since the coordinate $\phi$ disappeared from $L$, it does not make sense to talk about rotational symmetry under a rotation about the $z$-axis through angle $\psi$ i.e., $\phi\to\phi+\psi$? Is there rotational symmetry in this problem or it does not? I am not sure. If not why?