Steps to reproduce:

• create empty page
• insert excerpt macro using { notation then write something inside then hit the down arrow
• insert second excerpt macro using { notation then write something inside then hit the down arrow
• insert third excerpt macro using { notation and write something inside
• check that all three macros have the "inline" display option selected (by clicking on the macro placeholder to show the property panel)
• update the page to go back into the page view mode
• result shared-drafts turned on: spans are on three different lines
• result shared-drafts turned off: spans are on the same line