In T237984#5747158 I stated that
This is worth investigating afterwards as per T201838 the properties should also be using the caching layer introduced during one of the previous wb_terms trailblazes.
My logging result was P9897 when using adhoc logging P9898...
While diving in I might have missed something or miss read something but we should definitely confirm that the Formatter cache is used where it is meant to be used.
We should confirm if the FormatterCache is used in the chain when formatting the properties for the snaks of statements when rendering items
Might also be vaugly related to T205194.