A shortcode is a short marker in the text that turns into a live block on the site. What is stored in the database is the marker itself, while the editor shows it as a chip so that it cannot be accidentally taken apart letter by letter.
[form id="3"]The list of recognised names is spelled out explicitly — otherwise ordinary text in square brackets, such as "see appendix 2", would become a chip as well. An unknown marker stays as text.
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