Cursor position after up arrow history cycling is unconventional on multi-line statements

Platform macOS Tahoe
Terminal software WezTerm, but the behavior is the same in other Terminals

Steps to reproduce

1. Hit the up arrow to cycle to any multi-line statement in history
2. The cursor is at the end of the first line instead of the end of the multiline command

For example:

ls█  <-cursor after hitting up
::: | where type == file

Expected behavior:

ls
::: | where type == file█  <-cursor after hitting up

Screenshots/Screencaptures

Additional details

I could at least temporarily work around this issue if M-> (meta + greater than) was mapped for emacs mode, or G was mapped for vi mode to take me to the bottom, but neither is so I'm stuck arrowing around my commands.

Start by reproducing the multi-line history case with the up arrow in the line editor, comparing the cursor location with the expected end-of-command position. Then trace the history-cycling and cursor-position handling, including the emacs and vi keymaps mentioned in the report; done means the cursor lands at the end of the recalled multi-line statement and the behavior is covered by a regression test.