This is fixed in the current Hyperbole source version (commit #de9e60f).

Bob

On Thu, Oct 1, 2020 at 1:28 AM Jean Louis <bugs@gnu.support> wrote:
* Robert Weiner <rsw@gnu.org> [2020-10-01 04:42]:
> Show us what {M-x shell RET echo SPC ${HOME} RET} displays when you M-RET
> inside the outer braces (not the inner ones) in Emacs.
>
> Then show us what {C-h A} says when pressed on ${HOME} in Emacs.

It is shown here:

https://gnu.support/images/2020/09/2020-10-01/2020-10-01-08:22:44.ogv

with and without helm-mode


Jean