Hi,
Thanks for contacting us. Yes, this is expected behavior.
In SP Page Builder, Joomla modules cannot be loaded inside Rich Text fields. Rich Text fields are intended only for content output and do not process module calls. That’s why tools like ArticlesAnywhere work for inserting articles, but modules do not.
If you need to display a module within an SP Page Builder layout—whether on a standard page or using Dynamic Content—you should use the Joomla Module addon provided by SP Page Builder. This is the supported and recommended way to include modules in SPPB.
So to summarize:
Modules are not supported inside Rich Text fields
Modules are supported via the Joomla Module addon
-Regards.