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There is a defect on Custom Field Help. You cannot use HTML-code in them as you are supposed to.
Defect 598253 | _2020.2 &gt; Field Help for Custom Fields &gt; HTML Format &gt; Not working_.

This defect was said to be resolved with the e-fix on 2020-12-10. But as far as I can see the issue still remains.

I'm seeing the same thing.  Was notified this was resolved this morning, but I see no change in the behavior.

They've created a new defect for not actually fixing the original... It is now called Defect 611569.

The solution that they are currently deploying is on an account basis. So if you need it fixed, you need to supply them with all accounts that you want it fixed in.