If you believe this is a regression, please provide versions where this issue wasn't reproducible.
FormerlySerializedAs works at load time to provide an alias to a part of a property path. It does not unfortunately automatically re-serialize all object instances containing those fields. This allows to have PropertyModifications and Animation targeting the old/new value and still working.
We are looking at expanding our offering in the area of data migration in the future.
You can find the item in https://unity.com/roadmap/unity-platform/engineering
See:
https://portal.productboard.com/z8pw2ms6jxytyez9chlmm4kr/c/578-c-serialized-data-migration