This is producing an =, a large space (about two characters wide), then an = through the start of the word "this". See pdf here:
https://pdfhost.io/v/a0WMsyE9E_untitled2.pdf
Also notice the odd spacing in between the f and ( in $f(x)$ for times (but not modern). It all works perfectly fine on https://live.contextgarden.net/.
mtx-context | ConTeXt Process Management 1.04mtx-context |mtx-context | main context file: C:/context/context-win64/tex/texmf-context/tex/context/base/mkiv/context.mkivmtx-context | current version: 2021.08.24 22:16mtx-context | main context file: C:/context/context-win64/tex/texmf-context/tex/context/base/mkxl/context.mkxlmtx-context | current version: 2021.08.24 22:16
as I kind of assumed this is some sort of font-spacing issue. I also had an issue where double f's were producing a single f (stuff was outputted as stuf) but that went away after my last update.mtxrun --script fonts --reload --force