Read the manual enable flag and automatic-configuration URL together with the proxy string. For the current user's stored Internet Settings:

Get-ItemProperty `
  'HKCU:\Software\Microsoft\Windows\CurrentVersion\Internet Settings' |
  Select-Object ProxyEnable, ProxyServer, AutoConfigURL

A ProxyServer value can be a protocol map:

http=proxy-a.example:8080;https=proxy-b.example:8081

The first entry is not the answer for every request. Splitting at semicolons and taking one value loses the destination-protocol mapping; prepending http:// cannot restore it.

Interpret the other fields before using that map. An old manual endpoint can remain stored while manual proxying is disabled. AutoConfigURL names a PAC script, not a forwarding endpoint that can be copied into an HTTP client.

This command contacts no proxy and selects no request route. It also reads the account executing it, so the interactive user's result does not describe an unrelated service. For a particular destination, use the consumer's supported interface; for WinHTTP, resolve the proxy for that URL. Report the stored settings separately from that selection and from any observed exit address.

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