I can confirm. Having the exact same issue for a few days on my Pixel 6. Disabling the vertical alignment helps. To answer the question: No ist has nothing to do with any formatting. I can reproduce the issue with a card without any formatting at all.
Update. I just saw the other thread: Long content from fields' cards are truncated, can't scroll it up . The OP said that reinstalling with deleting all the app data helped. Don’t know whether I really want to try that tbh.