kksandr · Lee Rowlands
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceLabelFormatter.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceLabelFormatter.php
          // entity type doesn't have a link template nor a valid
          // "uri_callback", so don't bother trying to output a link for the
          // rest of the referenced entities.
-          $output_as_link = FALSE;
-        }
+          $elements[$delta]['#plain_text'] = $label;
+          $cacheability->applyTo($elements[$delta]);
+          continue;
        }

-      if ($output_as_link && isset($uri) && !$entity->isNew()) {
+        $uri_access = $uri->access(return_as_object: TRUE);
+        $cacheability->addCacheableDependency($uri_access);
+        if ($uri_access->isAllowed()) {
          $elements[$delta] = [
--- a/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceLabelFormatter.php
+++ b/core/lib/Drupal/Core/Field/Plugin/Field/FieldFormatter/EntityReferenceLabelFormatter.php
    $output_as_link = $this->getSetting('link');

    foreach ($this->getEntitiesToView($items, $langcode) as $delta => $entity) {
+      $elements[$delta] = ['#entity' => $entity];
      $label = $entity->label();
+      $cacheability = (new CacheableMetadata())->addCacheTags($entity->getCacheTags());