"Set text" (by ref) - does not compile with default/typed input?

I created a macro that has a text input connected to a “Set Text” (Text Render Component) node. After finishing the macro, I noticed that this text input did not show an input field you could type into next to the pin when nothing was connected, which I thought was odd. I also noticed there was no option to set a default value under this input, unlike other inputs.

While searching for answers, I found I could just remove this input and create a new one, and for some reason now I could specify a default value and the input text field appeared on the macro node. However, now it does not compile, unless I connect something else to this pin. (I found that selecting these nodes and using the “collapse to macro” option would cause the Text input pin to not have a default or text field input in this case.)

For some reason, these two things seem to work:

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But just typing a string value directly into the macro node does not compile.

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This seems inconsistent, doesn’t it?
I noticed the Set Text node asks for a “by ref” text input, which is a concept I’m new to, and seems relevant? But when I look this up it doesn’t make sense to me how the concept applies here.

If anyone can explain this behavior to me I’d appreciate it!