excerpt used in children macro doesn't process macros or line-breaks

Use this macro:

{children:excerpt=true}

If one of the children has an excerpt that contains a macro (at least {toc} and {noformat}. which are the two I tested), then the macro is printed as is without processing, for example, the output for two pages looks like this (the emdash and the words after it are due to the excerpt parameter).

• JournalTemporary3.4.5 — checking {noformat} noformat {noformat} works for excerpt.
• TEMP3 — {toc}

I've confirmed that the macros are processed when displaying the excerpt using {excerpt-include} and {pagetree} with the excerpt param.

FYI, some processing is done--I tried putting in bold text, and that was rendered correctly.