Puppy won’t settle outside of crate or if we are around

Our puppy (4 months) settles perfectly in his crate or in his play pen if we aren't nearby, but absolutely will not settle outside of that. We have been hoping to work on the "capturing calmness" protocol, but are at a loss. We have tried leashing him so that he's limited to an area and can settle eventually, but he just whines and tries to leave or ends up jumping at us. We've tried it when we know he's tired, but that doesn't yield different results. We'll put him in his crate right after and he's knocked out within a few minutes, but he won't outside of it. He has a bed in his playpen that he'll settle in if we're farther away from him, but if we get too close, he pops up with excitement so we can't get to him to reward that behavior.

Is he just too young to learn how to settle or are we doing something wrong? We know he's a puppy and that he has a lot of energy to expel so he gets a tons of enrichment toys or games, chews, walks, and play. It's really just the later in the evenings when we're starting to settle down, we want him to be able to relax more so we don't have to put him in his crate so we can watch something on Netflix without him running around the house when we still have to keep a hawk eye on him.