Switching from component to element in CompatRoute doesn't render component, doesn't error

[sam-glass]

I have a <Switch> block (nested inside another <Switch> in another file, which is where I have my <CompatRouter> component wrapped). In this inner <Switch>, I've made all the <Route> components <CompatRoute>s.

This works:

<CompatRoute path="/v3/dashboard/something/:somethingToken/" component={Dummy} />

This doesn't

<CompatRoute path="/v3/dashboard/something/:somethingToken/" element={<Dummy />} />

My understanding was that the point of the CompatRoute object was to support both v5 and v6 syntax. So shouldn't the element value work (or at least throw an error in the console, which it doesn't)?