Actual content to be shown
Example content is shown
wp-admin editor:

Frontend:

Calypso editor:

Frontend:

I'm not sure this is indexing or caching related, since it works fine on the frontend after all.
Apparently, this isn't an issue on Jetpack sites.
/cc @tyxla
Disregard, this was apparently happening because the Related Posts module was disabled on my WP.com test site (yet wpcalypso.wordpress.com allowed inserting Related Posts regardless). We probably need to look into Related Posts' block registration in order to prevent that.
@ockham if you think there's some issue with registration, let's get it documented as an issue so we don't forget about it.