Bug or feature: HTML lists in CMS not working

I recall you have to wrap the list in a DIV.
If you look at what Webflow’s RTB normally generates for a list element, the structure is;

<div>
    <ul role="list">
        <li>
            <span>Item 1.</span>
        </li>
        <li>
            <span>Item 2.</span>
        </li>
    </ul>
</div>