The List Display Control shows the Value instead of the Display, when the Display value comes from an associated SmartObject.
The List Display Control does not show the configured Display, but shows the Value instead.
After generating an editable list view, if you run the view, it works.
When the view is edited and the reference column (Projects.PM_ID) is changed to "List Display" type, the "Field" property in Details is reset to "None". The correct value for it should be the ID of the second table (PM_ID). See the sample screenshot below - the highlighted property needs to be set:
You have to ensure that when the reference column is changed to List Display, the field property is set to the ID of your second SmartObject. When you perform this configuration as described above, it gets reset to None initially.