Earlier quoted context omitted.
How can you call a function that does this? html' {content:HTML|str} '. html() is not going to be equivalent.
That is probably a much better example than any of those present in the PEP. I quite like your example. I'm not sure I'd want to write code like that, but it shows the usefulness much more clearly.
Companion repo with: JupyterLite playground, Docker images, other material. https://github.com/pauleveritt/tagstr-site