Default values for variables with space in them creates multiple escaped chars

When using variables for a post snippet, we use {variablename} in the snippet, and in the Variable section, we put name=default key value pairs.

I want to have a default value that contains multiple words, or a phrase. When I do something such as

product=”Acme Premium”

Every time, I save the snippet, it escapes the ” and \

After the first save, it becomes

product=\”Acme Premium\”

After second save, it becomes

product=\\””Acme Premium\\””

After third,

product=\\\”””Acme Premium\\\”””

I would expect to be able to use multi-word phrases as default value. I have not tried escaping the space, but that might work.