Version 14.0 beta 4 (14A5284g)
This is all referring to the simulator.
When I run the Shortcuts app my phrase is properly shown for my app and the app's name is correctly populated.
However, when I try to add a SiriTipView the same phrase shows the application name as ${APPLICATIONNAME}. I changed the first letter of the phrase and verified the change showed up in the Shortcuts app and my app tip.
I'm not sure if I'm doing something wrong or should file feedback instead.