F1 does not hide (colored) team player names

Found on Reddit by CollidedMoon.

How to reproduce

1. Create a team.

   /team add 56533
   

1. Summon a named cow, and add it to the team.

   /summon cow ~ ~1 ~ {CustomName:'"MC-56533"'}
   /team join 56533 @e[type=cow,nbt={CustomName:'{"text":"MC-56533"}'}]
   

1. Press F1 and aim at the cow.
   → Nametag still renders with F1 toggled