Rendering markdown from variable results in escaped HTML

I want to pass markdown to a WebC component via an attribute. Here’s how I’m trying to do it:

<!-- some-page.webc -->
<my-component text='This is text with [a link](/some-path) and **strong text**.'></my-component>

<!-- my-component.webc -->
<div class="we-love-divs">
  <x webc:nokeep @html="`<y webc:type='11ty' 11ty:type='md'>${text}</y>`"></x>
</div>

The resulting HTML looks like this:

<div class="we-love-divs">
  &lt;p&gt;This is text with &lt;a href="/some-path"&gt;a link&lt;/a&gt; and &lt;strong&gt;strong text&lt;/strong&gt;.&lt;/p&gt;
</div>

I expected to get this:

<div class="we-love-divs">
  <p>This is text with <a href="/some-path">a link</a> and <strong>strong text<strong>.</p>
</div>

So I have two questions:

1. Is escaped HTML the expected output of my sample code above?
2. Is there a better way to render Markdown that is passed to a WebC component in an attribute?

Reproduce the behavior using the snippets from some-page.webc and my-component.webc, focusing on the @html expression and the nested WebC markdown element. Compare the generated output with the expected unescaped HTML and determine whether the escaping is expected for this attribute-based rendering path. Done means the behavior or recommended rendering approach is documented or covered by an appropriate regression test.