Not sure if this is a bug, or something I’ve missed?
Solved: It was indeed something I’d missed, but nothing to do with Defold. When exporting bitmaps from text in Figma, outlines and shadows are ignored.
I realised this after I posted, doh! I updated the post.
Oh dear. It looks like the new vector software I’m using that’s the culprit. Shame on you, Figma. The issue wasn’t obvious inside Defold because all backgrounds are dark.