Magento2 Static Block Widget Renders As Raw Code Instead Of HTML

I have a CMS-created page where I used the “Insert Widget” option to insert a static block into the textarea field, which ended up as:

{{widget type="MagentoCmsBlockWidgetBlock" template="widget/static_block/default.phtml" block_id="78"}}

When I save and reload the the front-end page, it renders as the above code instead of the block (which is just some basic, static HTML).

Is there some option in the admin I need to enable here? Doesn’t make much sense why it doesn’t render the block.