Label expression not honoring number formatting in geodatabase table in ArcGIS Pro 3.0

[BarbaraThigpen1]

In ArcGIS Pro v 3.0, label expressions are not honoring the formatting that is in the table. For example, there is a field with numbers with 4 decimal places, in the formatting options for the field I have chosen 2 decimals and to pad with zeros. The number appears correct in the table, but when it is labeled it shows the number with the 4 decimal places and not what is in the table.

[BarryNorthey]

Rounding an attribute table field value does not round its related label. Both methods are explained here:

https://support.esri.com/en/technical-article/000025170

This Arcade label expression rounds polygon label field Shape_Area to 2 decimals.

Round($feature.Shape_Area,2)