Reopening for a follow-up to [64386].
In [64386], a token created with wp_interactivity_as_dangerous_html() prints as {} in the client data, and tokens reached through state are listed in derivedStateClosures so the client keeps their server-rendered content until a store supplies a value. Tokens reached through context can't be listed, for example context.item.html in a data-wp-each item. They reach the client as {}, and the client empties the element on hydration.
The follow-up prints every token as a marker, {"wpServerHtml":true}, which the client recognizes wherever it appears and treats like a pending value: the element keeps its server-rendered content until a client value replaces it. The client side is https://github.com/WordPress/gutenberg/pull/84889.
A PR from @santosguillamot will follow.
Javascript required