[MSE U16] Notes and text fields does not seem to work

I have a text favorite based on a text field.

This works fine when placing as text. When I try to use the same text favorite to place a Note the resulting text does not update if I change the property (Item Type value).

It does pick up the correct value but will not update if I change the value later using Properties. The same applies if I create a plain text field (no Text Favorite).

This is Tool Settings: