This quote hits at the heart of the matter for me. Each transclusion (instantiation) object has a different intent and usage; each with its own implied metadata.
I suspect the rendering (display) is trivial but the effect on the street warrants pondering. In my interaction with other PKM users, there’s only a small group of us that use block references. Obsidian is poised for huge influx of users in the short term. The bang for the buck may not be there presently.
Block references have taken on new meaning, for me, with the introduction of the canvas plugin. Gonna give this quote and thread some thought today. Great fodder here. Happy new year!