When using an argument filter in a view that is based on a list_field type field, both {{ arguments.field_foo_value }} and {{ raw_arguments.field_foo_value }} result in the same output, namely the key portion from the list.
Since "List (text)" fields can define both a key and a label, we should allow to output the label when using {{ arguments.field_foo_value }}. We can do so by utilizing the human checkbox that's already provided when using the summary fallback.
Decide on a direction to take. Write tests. Discuss backwards compatibility.
Needs work
9.5
The change is currently missing an automated test that fails when run with the original code, and succeeds when the bug has been fixed.
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Changing this to a feature request. Will need test coverage as well
MR needs to be updated for 10.1 please
Thanks!