Framework 1.11/PowerShell 1.12 Calculated Column Error: The formula refers to a column that does not exist

PnP Framework 1.11 or PnP PowerShell 1.12
(NB Xml reduced to essentials with GUIDs etc. omitted)
PnP Template with:

<pnp:SiteFields>
<Field Type="Text" Name="StatusField" DisplayName="StatusField" StaticName="StatusField"/>
<Field Type="Calculated" DisplayName="CalcField" Decimals="0" ResultType="Number" StaticName="CalcField" Name="CalcField"  ReadOnly="TRUE">
          <Formula>=IF([{fieldtitle:StatusField}]="Closed",1,0)</Formula>
</Field>
</pnp:SiteFields>
<pnp:ContentTypes>
        <pnp:ContentType Name="MyCT" >
          <pnp:FieldRefs>
            <pnp:FieldRef Name="StatusField" />
            <pnp:FieldRef Name="CalcField" />
          </pnp:FieldRefs>
        </pnp:ContentType>
</pnp:ContentTypes>

When the MyCT Content Type is applied to a <List> in the template, this error is displayed:

Invoke-PnPSiteTemplate: The formula refers to a column that does not exist.  Check the formula for spelling mistakes or change the non-existing column to an existing column.

The same template works with PnP Framework 1.10 or PnP Powershell 1.11, and the Content Type works when applied to a list using the SharePoint UI.

Is this caused by the change(s) to the way Calculated Columns are handled in latest Framework?

Start at the Invoke-PnPSiteTemplate entry point and reproduce the issue with the supplied PnP template across Framework 1.10/1.11 and PnP PowerShell 1.11/1.12. Compare how the calculated column formula referencing StatusField is handled when MyCT is applied to a list. Done means the template applies successfully in the newer versions and the calculated column retains the expected formula behavior.