Deal with incompetent manager

Got a new manager. 4 months in, he doesn’t know what he’s doing. It’s been an awful experience working with him so far. Want to break the cycle but don’t know how.

Background: Why a bad manager.
1. Technical modeling / deal perspective can’t give any guidance or feedback. Me and my coworker have to teach him, though he worked in the same industry for 15 years. Clearly, someone worked the same thing this long cruised his life. No feedback during deal, say yes to everything juniors decide. Ironically, my +2 report thinks he is good at his job.
2. No coverage/protection or speak up for the team: When other teams try to over step or political fight, he tries to be a good person everyone loves but not helping the team under him at all. Worst case could be like when other team member pointing on my coworker’s nose while it was other team member’s problem, he just watched by the side without saying anything. Later on just say like “don’t worry you are fine, are you good?”
3. Working weird hours: Disappear 2:30/3:00-7:00/8:00 PM every day. Sending request a messages 10PM and after BAU. Everything is 24 hour+ turnaround. Understood he has families. But in deal sensitive time, it clearly doesn’t work. Horrible experience when we need to closely communicate and 5 days a week in office policy exists.

Question: What’s the solution here? I have tried a couple actions but no luck.
1. Tried to have more direct work experience with +2: I can feel the vibe from my manager’s manager is to purposely shape a position for my manager. Even though my manager doesn’t know sh*t, I still need to run things through him. +2 rejects any chance to directly collaborate.
2. Move team: Org is small in nature when it comes to investing function, especially in niche sector. It’s not feasible. Best route is to jump the boat. But in external interview, I can’t really say bad things about current manager… other aspects like pay, sector, function, and platform, I’m pretty happy about.

Summary: How to deal with bad manager but also cover my butt? I’m in 1-year tenor and moved jobs several times before (driven my career interest, either function or sector change). Although on paper jump the boat is the best option (stay in same function and sector), tenor is killing me. Therefore, what could be my strategy to move externally but also not raising flags?