3.50 [fields] Admin Email Shortcode not returning data

The [fields] email shortcode does not seem to be returning data. Prior to 3.50, it was behaving as expected. I am using the default template for New User Notification emails

Template Body Code:
The following user registered for [blogname]:

username: [username]
email: [email]

[fields]
This user registered here:
[reglink]

user IP: [user-ip]

Redacted Sample Email Output:

The following user registered for (sitename):

username: (username)
email: (email)

This user registered here:
(URL)
user IP: (IP)

This is an automated message from (sitename)
Please do not reply to this address