Overconverting damage doesn't increase the converted damage

Not sure if it's intentional or not but having more than 100% conversion does not increase the output damage.
In my case I have corrupted Blueflame Bracers with 122% of Fire Damage converted to Cold Damage.
The value of Cold Damage is the same value as with 100% conversion.

I would've expected it add 22% of Fire Damage as extra Cold Damage on top of the base conversion.

I can confirm I see this same issue still present on 2025-01-09.