diff --git a/core/config/schema/core.entity.schema.yml b/core/config/schema/core.entity.schema.yml
index 7e39e0c..b89bc26 100644
--- a/core/config/schema/core.entity.schema.yml
+++ b/core/config/schema/core.entity.schema.yml
@@ -364,7 +364,7 @@ field.formatter.settings.entity_reference_label:
 
 field.formatter.settings.entity_reference_field:
   type: mapping
-  label: 'Entity reference referenced entity field formatter display format settings'
+  label: 'Rendered field from referenced entity settings'
   mapping:
     field_name:
       label: 'Machine name of the field'
diff --git a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php
index 6138d10..0937d01 100644
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceFieldFormatter.php
@@ -58,6 +58,13 @@ class EntityReferenceFieldFormatter extends EntityReferenceFormatterBase impleme
   protected $entityTypeBundleInfo;
 
   /**
+   * The list of supported fields, prepared as options (machine_name => label).
+   *
+   * @var array
+   */
+  protected $availableFieldOptions;
+
+  /**
    * {@inheritdoc}
    */
   public static function create(ContainerInterface $container, array $configuration, $plugin_id, $plugin_definition) {
@@ -129,16 +136,19 @@ public function viewElements(FieldItemListInterface $items, $langcode) {
     /** @var \Drupal\Core\Entity\FieldableEntityInterface $entity */
     $entities = $this->getEntitiesToView($items, $langcode);
 
+    $field_name = $this->getFieldName()['machine_name'];
+    $formatter_type = $this->getFormatterType($field_name)['machine_name'];
+    $formatter_settings = [
+      'type' => $formatter_type,
+      'settings' => $this->getSetting('settings'),
+      'label' => $this->getSetting('label'),
+    ];
+
     $build = [];
     foreach ($entities as $delta => $entity) {
-      $field_name = $this->getFieldName()['machine_name'];
-      $formatter_type = $this->getFormatterType($field_name)['machine_name'];
-      $formatter_settings = [
-        'type' => $formatter_type,
-        'settings' => $this->getSetting('settings'),
-        'label' => $this->getSetting('label'),
-      ];
-      $build[$delta] = $this->entityTypeManager->getViewBuilder($entity->getEntityTypeId())->viewField($entity->get($field_name), array_filter($formatter_settings));
+      if ($entity->hasField($field_name)) {
+        $build[$delta] = $this->entityTypeManager->getViewBuilder($entity->getEntityTypeId())->viewField($entity->get($field_name), array_filter($formatter_settings));
+      }
     }
     return $build;
   }
@@ -150,7 +160,11 @@ public function viewElements(FieldItemListInterface $items, $langcode) {
    *   An associative array of supported fields, where keys are machine names
    *   and values are human-readable field labels.
    */
-  protected function getAvailableFieldNames() {
+  protected function getAvailableFieldOptions() {
+    if ($this->availableFieldOptions) {
+      return $this->availableFieldOptions;
+    }
+
     $entity_type_id = $this->fieldDefinition->getSetting('target_type');
     $entity_type = $this->entityTypeManager->getDefinition($entity_type_id);
     // We always show the entity label as an option to be selected.
@@ -166,17 +180,18 @@ protected function getAvailableFieldNames() {
     }
 
     $target_bundles = empty($this->fieldDefinition->getSetting('handler_settings')['target_bundles']) ? array_keys($this->entityTypeBundleInfo->getBundleInfo($entity_type_id)) : $this->fieldDefinition->getSetting('handler_settings')['target_bundles'];
-    foreach ($target_bundles as $value) {
-      $bundle_field_names = array_map(
-        function (FieldDefinitionInterface $field_definition) {
-          if ($field_definition->isDisplayConfigurable('view')) {
-            return $field_definition->getLabel();
-          }
-        },
-        $this->entityFieldManager->getFieldDefinitions($entity_type_id, $value)
-      );
-      $field_names = array_merge($field_names, array_filter($bundle_field_names));
+    foreach ($target_bundles as $bundle) {
+      $bundle_field_names = [];
+      /** @var \Drupal\Core\Field\FieldDefinitionInterface $field_definition */
+      foreach ($this->entityFieldManager->getFieldDefinitions($entity_type_id, $bundle) as $field_machine_name => $field_definition) {
+        if ($field_definition->isDisplayConfigurable('view')) {
+          $bundle_field_names[$field_machine_name] = $field_definition->getLabel();
+        }
+      }
+      $field_names = array_merge($field_names, $bundle_field_names);
     }
+
+    $this->availableFieldOptions = $field_names;
     return $field_names;
   }
 
@@ -208,20 +223,20 @@ protected function getAvailableFormatterOptions(FieldStorageDefinitionInterface
    * Ajax callback for field name change.
    */
   public static function onFieldNameChange(array $form, FormStateInterface $form_state) {
-    return $form['fields'][$form_state->getStorage()['plugin_settings_edit']]['plugin']['settings_edit_form']['settings'];
+    return $form['fields'][$form_state->get('plugin_settings_edit')]['plugin']['settings_edit_form']['settings'];
   }
 
   /**
    * Ajax callback for formatter type change.
    */
   public static function onFormatterTypeChange(array $form, FormStateInterface $form_state) {
-    return $form['fields'][$form_state->getStorage()['plugin_settings_edit']]['plugin']['settings_edit_form']['settings']['settings'];
+    return $form['fields'][$form_state->get('plugin_settings_edit')]['plugin']['settings_edit_form']['settings']['settings'];
   }
 
   /**
    * Rebuilds the form on select submit.
    */
-  public static function rebuildSubmit(array $form, FormStateInterface $form_state) {
+  public static function rebuildSubmit(array &$form, FormStateInterface $form_state) {
     $form_state->setRebuild(TRUE);
   }
 
@@ -231,10 +246,10 @@ public static function rebuildSubmit(array $form, FormStateInterface $form_state
   public function settingsForm(array $form, FormStateInterface $form_state) {
     $form = parent::settingsForm($form, $form_state);
     $target_entity_type_id = $this->fieldDefinition->getSetting('target_type');
-    $field_name_options = $this->getAvailableFieldNames();
+    $field_name_options = $this->getAvailableFieldOptions();
     $field_storage_definitions = $this->entityFieldManager->getFieldStorageDefinitions($target_entity_type_id);
     // Field on the target entity this formatter is currently displaying.
-    $selected_field_name = $this->getSettingFromFormState($form_state, 'field_name');
+    $selected_field_name = $this->getSetting('field_name', $form_state);
     if (!$selected_field_name) {
       // The first field is used as default in case of no value set.
       $selected_field_name = array_keys($field_name_options)[0];
@@ -262,13 +277,13 @@ public function settingsForm(array $form, FormStateInterface $form_state) {
       '#type' => 'select',
       '#title' => $this->t('Label'),
       '#options' => EntityViewDisplayEditForm::getFieldLabelOptions(),
-      '#default_value' => $this->getSettingFromFormState($form_state, 'label'),
+      '#default_value' => $this->getSetting('label', $form_state),
     ];
 
-    if ($selected_field_name && !empty($field_storage)) {
+    if ($selected_field_name) {
       $formatter_options = $this->getAvailableFormatterOptions($field_storage);
-      $formatter_type = $this->getSettingFromFormState($form_state, 'type');
-      $settings = $this->getSettingFromFormState($form_state, 'settings');
+      $formatter_type = $this->getSetting('type', $form_state);
+      $settings = $this->getSetting('settings', $form_state);
       if (!isset($formatter_options[$formatter_type])) {
         $formatter_type = array_keys($formatter_options)[0];
         $settings = [];
@@ -341,20 +356,37 @@ public function settingsSummary() {
   /**
    * Wrapper around ::getSetting() to carry over values from the form state.
    *
+   * @param string $key
+   *   The setting name.
    * @param \Drupal\Core\Form\FormStateInterface $form_state
    *   The form state.
-   * @param string $setting
-   *   The setting name.
    *
    * @return mixed|null
    *   The value of the setting, or NULL if absent.
    */
-  protected function getSettingFromFormState(FormStateInterface $form_state, $setting) {
+  public function getSetting($key, FormStateInterface $form_state = NULL) {
+    if (!$form_state) {
+      return parent::getSetting($key);
+    }
+
     $field_name = $this->fieldDefinition->getName();
-    if ($form_state->hasValue(['fields', $field_name, 'settings_edit_form', 'settings', $setting])) {
-      return $form_state->getValue(['fields', $field_name, 'settings_edit_form', 'settings', $setting]);
+    if ($form_state->hasValue([
+      'fields',
+      $field_name,
+      'settings_edit_form',
+      'settings',
+      $key,
+    ])) {
+      return $form_state->getValue([
+        'fields',
+        $field_name,
+        'settings_edit_form',
+        'settings',
+        $key,
+      ]);
     }
-    return $this->getSetting($setting);
+
+    return parent::getSetting($key);
   }
 
   /**
@@ -367,15 +399,15 @@ protected function getSettingFromFormState(FormStateInterface $form_state, $sett
    *   If no field was configured yet, will try to return the first field
    *   available on the target entity.
    *
-   * @see \Drupal\Core\Field\Plugin\Field\FieldFormatter\EntityReferenceReferencedEntityFieldFormatter::getAvailableFieldNames()
+   * @see \Drupal\Core\Field\Plugin\Field\FieldFormatter\EntityReferenceReferencedEntityFieldFormatter::getAvailableFieldOptions()
    */
   protected function getFieldName() {
-    $field_name_options = $this->getAvailableFieldNames();
+    $field_name_options = $this->getAvailableFieldOptions();
     if (!$field_name = $this->getSetting('field_name')) {
       $field_name = array_keys($field_name_options)[0];
     }
     $field['machine_name'] = $field_name;
-    $field['label'] = !empty($field_name_options[$field_name]) ? $field_name_options[$field_name] : NULL;
+    $field['label'] = $field_name_options[$field_name];
     return $field;
   }