Very strange and I cant reproduce this. Can you send me a link to your settings file (help/ support/ view settings)
Actually, funny story: amidst my attempt at debugging this, re-scanning my library (taking 30+ minutes), and so on, I set the TranslatedAlbum tag to have the same formula as the TranslatedTitle tag, which did indeed display properly (it showed track 1's title instead of the formula). I then copied the old TranslatedAlbum formula, which I had taken from this very post, back to TranslatedAlbum's formula box, and was on my way to set the displayed tag back to the regular Album tag when I noticed that it just magically started working.
TranslatedAlbum no longer shows the formula, but shows the TranslatedAlbum tag when present, and the Album tag when TranslatedAlbum is absent. IT JUST WORKS NOW FOR NO REASON.
I'm 100% sure that the formula had no typos. I had copied the formula here when asking for help, and copied it from here back to MusicBee when trying to see what was wrong. The formula was constant throughout all this. You can even see it worked in the Template Editor's preview! I have no clue why it was showing the formula this whole time until I changed it, hit apply, then changed it back. In any case, it just worksᵗᵐ now.