HLS playback not selecting highest available resolution

In HLS m3u8 files that list several resolution options, such as https://svod-be.roosterteeth.com/api/v1/videos/9103e127-6427-4f51-95e2-90735b57d82a/master.m3u8, VLC 3.0.10 does not automatically select the highest resolution available despite being told to do so in the preferences. Bug persists after resetting preferences. Bug persists after installing VLC 3.0.10 nightly here https://artifacts.videolan.org/vlc-3.0/nightly-win64/20200509-0639/vlc-3.0.10-win64-fc941df9.exe. Bug does not persist when downgraded to VLC 3.0.8. Tested on Windows 10 1903 Build 18362.778

Pastebin of vlc -vvv console output https://pastebin.com/5hJudAFp

To reproduce play the m3u8 URL as a network stream in VLC 3.0.10 (do not download the file then play, it will not work at all due to incomplete URLs in the m3u8). m3u8 file provides 1080p source but VLC will only playback at 480p