Tag Panel Unusual

mp3tag

Version 2.88H

is this the way it should look ?

There is nothing unusual: that looks like it may be the default.
Maybe you're concerned about the ampersands (&): Click the "Help" button on the Tag Panel options dialogue to get an explanation.

I'm not 100% sure, but the syntax Tit&le: is being used for the default tag panel fields.
Self created fields like your AlbumArtist doesn't have the &-ampersand sign and no colon.
(If you like it, you can use the same syntax for your own fields too.)

@Florian Where exactly can we use the shortcuts like Alt + T for title?
IMHO this overlaps with the "Extended Tags".
The same for Alt + B for album, this opens the menu point "Bearbeiten" in the german version.