Prepare statement with only placeholders in Table Value Constructor discards values silently

Executing a prepared statement with only placeholders in a Table Value Constructor expression silently returns an empty string instead of the actual value.

EXECUTE IMMEDIATE 'SELECT * FROM (VALUES (?)) test' USING 'a';

Expected output:

Got output:

It does work if any of the values in the TVC is not a placeholder:

EXECUTE IMMEDIATE 'SELECT * FROM (VALUES (?, "b")) test' USING 'a';

Got output:

These types of TVC expressions would commonly be used in combination with a CTE to get named columns.

Does work as expected on 11.0.3.