Text Elements in ACES have a partially opaque background

Very frustrating bug here. I'm using an ACEScct workflow, with Rec.2020 ST2084 (1000 nits) as my ODT. When I add any text element over pure black, the black ceases to be perfectly black and is instead around 1 nit. Additionally, when I put the text layer on top of some clip, it adds an ever-so-slight white tint over the entire image, not just the part near the text.

It seems to me as though there's some sort of issue with the text's alpha channel, in that the text is surrounded by *mostly* transparent pixels, instead of complete transparency. I've tried messing around with the blending modes, but there doesn't seem to be anything which produces correct results.

Curiously, though, when I disable color management (either on the individual clip or the project as a whole) this problem disappears. My workaround solution is to use an adjustment layer which takes that 1-nit-ish background and pushes it down to true black, but this is an awful solution especially when the text needs to go on top of a clip instead of black.

Are you using Text, Text +, or does it occur with both?

It might be due to nature of ACEScct curve toe, which adds ”milking” to blacks. How it would create lifted black with alpha graphics is something to investigate a bit, can’t wrap it together in my head just now.

I am experiencing the same issue and it is happening even when I am adding a Fusion Composition in place.
Also trying to fade out, it fades the elements but the raised black, persists right to the end of the fade where it jumps back to normal black levels.
Curiously enough, this is not happening when adding text on top of an image, this maintains the black levels, but when I tried to add an image and grade it to black, the raised black level came back.
This is quite frustrating as it wasn't happening in v16.
Any help from BMD would be greatly appreciated