Callout syntax used in a list item, whether on the first line or indented further lines, doesn’t render as a callout in live edit mode, but does in reading mode.
In the example below, in live edit mode the first callout renders as a code block, and the second renders with both the > visible and as though one had written an incomplete markdown link with no address. In reading mode both render correctly as callouts, as expected in their list items.
- title
>[!first callout]
- >[!second callout]
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