Ah, that makes a lot more sense. Thank you for clarifying!
That seems to be related to this bug report as well: Taxonomy terms don't show on front-end if wrapped in div
If I turn off frontend rendering on the main query, those taxonomy terms show up on the frontend.
What makes less sense though is that the terms show up on the frontend if they’re not wrapped in a div - even with frontend rendering still enabled.
Do you think that’s a bug, or should I reconsider putting taxonomy terms inside of a frontend rendered-query for the time being?