I'm not searching for a workaround. I know I can do this with an action. I've reported this as I considered it a bug/oversight.
Why?
In my opinion setting 'Field' to %_filename_ext% should result in modification of filename with extension even though it may cause Mp3tag not see the file (if you change extension to one denoting unsupported file format).
The default setting is %_filename% so it wouldn't cause any trouble for those not fiddling with their column settings.
That's right. Another inconsistency. If "Replace with regular expression" applies regex to the whole filename than why "Format value" should act different?
I think the best solution would be to provide two pseudo tag-fields _FILENAME and _FILENAME_EXT in the future.