TermSelection returning HTML characters in select list

Hello everyone,
I was able to replicate this issue in version 11.x. Here are the steps to reproduce:

Step 1) Create a taxonomy term in the tag vocabulary as follows:

a) Billing&Insurance
b) edit < me
c) hello

Step 2) In my Case I have call this code for a select list of taxonomy term based on vocabulary, so I added the following code to retrieve the list of all terms in the tags vocabulary:

    $selection_handler_options = [
      "target_type" => "taxonomy_term",
      "handler" => "default:taxonomy_term",
      "handler_settings" => [
        "target_bundles" => [
          "departments" => "tags"
        ],
      ],
    ];
    
    $selection_manager = \Drupal::service('plugin.manager.entity_reference_selection');
    $handler = $selection_manager->getInstance($selection_handler_options);
    $referenceable_entities = $handler->getReferenceableEntities();

Step 3) The output is displaying HTML tags for special characters in option list.

 array:1 [▼
  "tags" => array:3 [▼
    3 => "Billing&Insurance"
    2 => "edit < me"
    1 => "hello"
  ]
]

Upon debugging the code, I found that Html::escape is added in the getReferenceableEntities method for rendering the options. Once I removed this Html::escape, the output displayed without HTML tags.

 array:1 [▼
  "tags" => array:3 [▼
    3 => "Billing&Insurance"
    2 => "edit < me"
    1 => "hello"
  ]
]

I couldn't identify the purpose of the changes in the test file. I've submitted a merge request for this. Please review

Not sure about the solution.

Regardless need a test case showing the issue.

Will also need issue summary update