Since being upgraded to the Spring '20 release, a process that we have has stopped saving BR() in a formula to the Rich Text field it is populating. 

Formula in Process:

"... next steps." + BR() + "<b>Next Step - ..."

Saved value on the record:

"... next steps.<b>Next Step - ..."

Furthermore, the saved value is different in scratch orgs:

... next steps.<br>&lt;/b&gt;Next Step - ..."

Expected output:

... next steps._BR_ENCODED_<b>Next Step - ..."

The last known time we have it saving correctly is Friday before our Spring 20 release. We began having abnormal results the morning after the release. The last time this process was modified was 12/18/2019.

Was there a change in behaviour that I missed included with this release? Has anyone else experienced this issue?