Zend certified PHP/Magento developer

My (default) address shows the unprocessed values instead of the correct filled values

Recently upgraded from magento 2.4.6-p1 to magento 2.4.6-p3 and now experiencing that that (default) address now no longer formats to anything except the value specified in the config. I’ve checked this on our store with no 3rd party modules enabled and in luma theme.

Wrong format

We do not use a custom configuration for this either. This is the default value as specified in vendor/magento/module-customer/etc/config.xml on line 80 (in between the tags ). If I make changes to that line, the changes show up as plain text.

Why does this go wrong and how do I solve it.