content of entity reference not displayed with "Hide the dependent if the dependee is not viewable by the user"

We are using a condition 'our_entity_refernce_field_with_autocomplete is enabled when our_dependee_select_list has value "xyz"'.

When the option 'Hide the dependent if the dependee is not viewable by the user' is checked, which is per default, we get no content output of the entity reference.

We are checking with user 1, and there is absolutely no content view restriction for user 1, but nothing is displayed. When we uncheck 'Hide the dependent if the dependee is not viewable by the user', all works fine.