By jove he’s cracked it! You are a genious sir. I switched to metric to try it out, although personally I’m not bothered by the units of measure.
Look at this screenshot.
I’m at 27,890ft and I press the ALT button, and the target altitude jumps to a ridiculous 91,535ft. OK, but guess what 27,890 METRES is in FEET. You’ve won a prize! 91,500 feet. So give or take a little rounding between friends, if you have metric on, it is confusing the feet and metres calculations and setting the target altitude in feet assuming the actual altitude is in metres.
I switched back to US-SYSTEM for the measurements, and it works perfectly again!
Hybrid presumably also works because the altitude remains in feet!
And just to prove it, here’s another. Actual altitude 16540 feet. Press the ALT key and the altitude target jumps to 54298ft. Google tells me that 16540 metres is 54,265ft - again just some slight rounding.

