Steps to reproduce the issue

J4 RC5.
Enable IP Logging in User Actions Log (UAL) Options.
Set up your user to receive Email Notifications from UAL.
Create or save an article (or some other action that triggers the notifications), and check your mail.

Expected result (as seen on J3)

Latest User Actions

This is the latest action performed by a user on your website.

Actual result

Latest User Actions

Action | Date | Extension | Name
User < a href="https://...........com/administrator/index.php?option=com_users&task=user.edit&id=1" >admin< /a > updated the article < a href="https://.........com/administrator/index.php?option=com_content&task=article.edit&id=25" >Test< /a > | 2021-08-02 12:34:14 UTC | Articles | Administrator

System information (as much as possible)

Joomla 4 RC5
PHP 8.0.8
MySQLi 5.7.33-cll-lve

Additional comments

There are two bugs (compared to J3):

1. The formatting is missing. thus HTML codes for editing user and article is displayed instead of showing the user and article names as clickable words (spaces added around <> for readability), and the whole thing looks like a mess.
2. The IP address is not displayed.