I gave it a try, and if the “make changes” step alters a text field in the database thing, the updated field is used by the “display data” step. But, if it changes a list field as well, the prior value of the list’s first item is still used on the second step.
So, looks like the dependency is not just on the workflow steps, but also in the particular dynamic expression, and a list field doesn’t do it correctly.
@joshua.hovden I suggest you raise it as a bug, and link in this discussion.
EDIT - this post by @josh explains at high level what I mean by “dependency between steps” …