It is behaving as designed. If show as html is checked then the column is considered as black box text containing html that does who-knows-what. Calibre attempts to render this text as html in book details without further processing.
If the box is unchecked then calibre treats it as plain text and adds the necessary html to turn the values into links. This is the same processing that is applied to tags.
The previous code did the same thing, with the exception of adding the linkify html.
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