HYPERLINK Wonkiness with Dynamic Ranges

Hello all- so i have been trying to get this to work for quite a while and think this may be a bug... So essentially, I am trying to use the HYPERLINK function to link to various other sheets in a workbook and use the optional friendly_name parameter. Further, I am trying to use dynamic arrays for this to avoid needing to copy/paste formulas as my sheets in the workbook change. In my testing, when HYPERLINK is used with a dynamic array, you can either get the link_location to update or you can get the friendly_name to update... It doesnt appear you can get both. See the below screenshots and let me know if I am missing something obvious. Thanks!