Richtext editor issue with formatting and saving images

Not sure if this issue is coming from a recent release or not.
But the richtext editor is not saving any uploaded image, and not rendering any text formatting like bullets. In fact, the formatiing is not saved at all, only the text content is saved.

It is happening on my dev env and staging env as well, so I don’t think it is an environmental issue.

No error in the logs.

I tried the twig filter |raw and |content

What could be happening there please ?