I was writing up a full bug report on this before realizing that this is due to Pinned Member as Favorite feature. In my case, the "Position" property kept showing up as my item value (first property in the list). Deselect all properties that are showing up (you can stack your pinned favorites), and it will fall back to the ToString() value as expected.
Using ToString to display on watch window
Lloyd Sheen
1,481
Reputation points
VS used to use the override of ToString to display in the watch window for objects. This no longer happens. Any way to get this back?