Incorrect Training Effect (and Training Load) when using external HRM

Since the software 7.10 release on a Fenix 5X Plus, Training Effect (and subsequently Training Load) metrics are not accurately calculated when using a paired heart rate monitor. Is anyone else seeing this?

When recording an indoor training ride using the Fenix's built-in HRM, Training Effect is calculated correctly (I also have a power meter paired here, but this should not affect Training Effect), which also means that Training Load (and VO2Max) is updated correctly. However, when I ride outdoors (without a power meter) and use an an external heart rate monitor, Training Effect is incorrectly calculated VERY very low, and thus does not update Training Load appropriately either.

Yesterday I mountain biked for a 4+ hour ride, burning 3400 calories, climbing 5300'. Average HR of 134bpm, max of 166bpm. It was a beastly ride. Training Effect was given as 0.7 aerobic / 2.4 anaerobic ... "no benefit" for aerobic. Absolutely not correct. 

On another MTB ride last weekend, this time just under 2 hours with 1400 calories burned. Average HR of 144bpm, max of 171bpm... 0.4/2.5 Training Effect.

And for testing purposes, I recorded an indoor ride with no external HR sensor. This was less than an hour ride, 473 calories, average 137bpm, max 180bpm... and it gave me 3.1/2.0 Training Effect and just about doubled my Training Load.

According to First Beat, the Training Effect is a calculation of EPOC values and is calculated solely on heart rate data over accumulated activity time. So distance, elevation, power meter, etc. should be irrelevant.

As of right now, the entire training metrics features of this watch are completely useless. A 5-hour bike ride with over a mile of elevation gain, and almost no impact on my Training Status or Training Load (nor VO2Max, since they use similar metrics). Judging by the 5 months it took Garmin to release the last non-beta software update for the Fenix 5X Plus, I'll probably be waiting until the Fenix 6 comes out. From one bug to the next. Very disappointing.