Updated for C3 runtime. See reasoning for change from Ashley below. Note that this will turn off an optimization for C3 runtime performance as Ashley notes below.
"If you set "must-predraw": true in addon.json it restores the previous behavior and works as expected again in the C3 runtime, so that's your workaround. This is a compatibility difference between the runtimes, but given it's due to an optimization for the C3 runtime that we want to keep, the solution is to alter the effect instead."