Expression error in built-in 2d Text Box animation preset.

Was trying to utilize the 2d Text Box animation preset.

With no layers selected, I add the effect to my comp, it generates a gray box with the effects added on the layer. When I select my text layer to connect to, nothing happens. To clarify I'm using a text layer with some sample text. The error also occurs with text boxes

Looking at the expression I immediately get an error on line 29.

const isTextLayer = (L) => L.text instanceof Group;

Error: > does not have a value

I'm on the latest version of AE (23.1.0 Build 83)