Designer QToolButton does not match output, newlines stripped

The output of Qt Designer does not match the output of the program itself. The newlines are stripped which causes the text to all display on one line

Output from QT Designer

Output from compiling the program

See attached a minimal example. Problem occurs both when opening the project in Visual Studio as folder mode and generating .sln files with CMake. (you might have to change line 10 of the CMakeLists.txt to point to your Qt installation).