I haven't found anything definitive, just sharing half-baked thoughts:
I dug through the angular sources, specifically the compiler package, but did not find anything. I don't have any compiler skills so that was a long shot. There is just this test that shows that template tag should be processed normally.
It looks like "proper" way to output a Web Component is to use an Angular Element. I have not tested this.
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Thank you for your response.
I haven't found anything definitive, just sharing half-baked thoughts: