Correction:
The whole page doesn’t get swallowed up. But instead, the first
[raw]
…
[/raw]
block turns into
!RAWBLOCK0!
The second
[raw]
…
[/raw]
turns into
!RAWBLOCK1!
and so on. It is as if the plugin is trying to preserve my [raw] blocks and protect them from [text-block] processing, but when finishing it is overlooking the need to replace those markers with the stashed lines of text.