Why are my panoramic images not cropped when saved from Camera Raw?

 Camera Raw 15.4.1

Mac OS Ventura 13.4.1

This is a dng image, composed from two HEIC images, to make a panorama. The image is cropped by the crop being constrained to image.

I want to save it as a jpeg. Here is the dialog:

 Now, here are the two images. The jpeg has been saved as a full image, with empty areas included:

 I've been constructing panoramas like this for years. Some panoramas are still saving correctly, but some aren't. Has anyone got any idea what's going on here? I can open the saved jpeg, crop it correctly, and it will then save properly -- but that isn't a sensible solution. Is it something to do with Camera Raw and .dng files? Many thanks!