Is custom simulation space broken?

I am updating from 3.3.9, and since then the behaviour of custom simulation space seems to have changed. I've got a particle effect inside a scroll rect with simulation space set to custom. When I move the scrollrect, I expect particles to just move with it, preserving their shape, but instead they move up and down way too far. It looks like this is a bug, or maybe custom simulation space is not supported in the current version?

Expected behaviour: particles keep moving up and down in this sin curve like pattern when I scroll

Observed behaviour: particles move all over the screen.

Also, scene preview breaks

I have modified the included demo scene to show this behaviour. To reproduce, open the scene and scroll up and down.

CustomSimulationSpaceBehaviourExample.zip