Layout transposition settings ignored

In this project the Bb instruments layout says that C4 is played as Bb3 but see that the transposition no longer occurs. New issue in 4.3.11 AFAICT

Sometime Ago (F).dorico (1.1 MB)

Is the issue simply that you are viewing the layout at concert pitch rather than transposed pitch? Choose Edit > Transposed Pitch.

OMG How could I have missed that! Thank you @dspreadbury .