I have come up with a simpler MWE which shows the problem more explicitly:
\startplacefigure[location=right,title=A Single Cow]
In the latest version of ConTeXt, the floatcombination is shoved to
the left and overlaps the text which is also shoved to the left and
narrowed down to a minimum. The single figure, on the other hand, is
shoved correctly to the right and the text is at the left.
In earlier versions of ConTeXt, the floatcombination is correctly
shoved to the right. The reason for this change could be line 490 of
pack-com.mkiv (in the definition of \pack_combinations_start_float).
If I delete \dontleavehmode from this line then the correct layout is
Since I don't want to maintain my own version of ConTeXt, I very much
would appreciate If anyone could tell me how to get the correct layout
back, or fix this issue in ConTeXt.
Your effort is genuinely appreciated!