Email templates use of Multiselect returning ^,^ in campaigns

Every time there’s an upgrade I test to see if this problem has been addressed.
I’ve seen multiselect problems dating back to 2017

I’m trying to use the information in a multiselect field to list out the selected fields in an email template.

What I get is

^Black_White^,^GreenYellow^

Which is the database version of the selections not the labels and they’re separated by ^,^

What I’d like to see is:

Black White, Green Yellow,

Which use the labels and doesn’t throw in the ^,^

Any Suggestions?

Sorry, noticed I was missing some details.

I setup a custom field that utilizes a multi-select option. In both the Contact and Account tables.

When sending to individuals I utilized the contact table to include this information.