It appears the the Text Favorite Field Type: Civil Element Properties Field Sub Type: Point Geometry Points X and Y fields are not working in ORD CD 2021 R2. I did attempt this in multiple workspaces including the Imperial Standard. The good news is that the MicroStation Element Properties - Annotation Plan - Point X and Point Y do work for labeling Coordinates of points.
I have reported this issue here with the answer.
https://communities.bentley.com/products/bridge_design___engineering/f/bridgemaster-lars-leap-openbridge-rm-forum/229973/openbridge-modeler-civil-labeler/713518#713518