Obsidian Math+ plugin not rendering

What I’m trying to do

I am trying to use the plugin “Obsidian Math+” to be able to draw (using Excalidraw) next to equations. The plugin doesn’t perform for me as described in the documentation.

In a regular file in Live View mode, I type “ctrl+M” to open a math block (this works fine). Then I type some equation in the block, for example:

||{"id":478639004286}||

y=mx+b

But nothing is rendered underneath (no equation or instance of Excalidraw). My expectation was something similar to the result of typing $$y=mx+b$$, but the block just disappears.

Things I have tried

I have tried running the plugin with and without the Excalidraw plugin enabled. I also tried running both those cases in a new vault with no other plugins or snippets.

There is also an option to enable/disable “Live Preview”. I have turned this on and off.