Why don't tables in text fields display with rows and columns in Custom List 2.0?
The table formatting behavior is tied to the display preference you have set at the upper right corner of your work views screen (Compact, Comfortable, Roomy). The table displays in table format with the expected word wrapping when you have Roomy selected as your display type.
Because the Custom List 2.0 app is designed with compactness in mind and there isn't any guarantee as to how much screen real estate it will be granted, it is hard coded to the Compact view, which alters how the table is rendered in the view.
Because Work Views, and similar pages such as Defects, Backlog, and User Stories, can be configured to Roomy/Comfortable/Compact, table display behavior in list views may differ depending on the preference setting as well. For example, if a colleague sees the table formatting but you do not, then be sure to set the display preference accordingly.