Taxonomy Term field with Rendered Entity formatter breaks migration

If you set a taxonomy field in Drupal 7 to use the Rendered Entity field formatter in a display mode, like this:

And then you attempt to migrate that to Drupal 8 with the following commands:

composer require drupal/migrate_tools:4.x-dev drupal/migrate_upgrade:3.x-dev drupal/migrate_plus:4.x-dev
drush en -y migrate_tools,migrate_upgrade,migrate_plus
drush migrate:upgrade --legacy-db-key=drupal7 --legacy-root=/var/www/drupal/drupal7 --configure-only
drush -v migrate:import --execute-dependencies --tag=Configuration

Then the field formatter settings migration fails with the following error:

 [error]  The "entityreference_entity_view" plugin does not exist. (/var/www/drupal/drupal8/core/lib/Drupal/Component/Plugin/Discovery/DiscoveryTrait.php:52) 
 [notice] Processed 10 items (9 created, 0 updated, 1 failed, 0 ignored) - done with 'upgrade_d7_field_formatter_settings'
 [error]  upgrade_d7_field_formatter_settings Migration - 1 failed. 

This happens because the Entity Reference module in Drupal 7 adds the Rendered Entity field formatter for both Entity Reference and Taxonomy Reference fields:

However, the Taxonomy Term Reference migrate plugin does not map the formatter: