I've since figured out the problem.
Unfortunately, several views/tabs on the Mac are poorly programmed. There seems to be a fixed maximum width (I noticed this during export, when cropping (since the new "Expand" feature), and with masks, for example, when no people can be found). Because of the missing (horizontal) scroll bar, it wasn’t immediately obvious that I had to scroll to the right in those specific areas to see the rest of the text or even the gear icon next to the watermark. So I’d like to report a UX bug here. If the problem isn’t explained clearly enough, I’d be happy to provide additional information (such as images or videos).