Scheduled Flow - Auto-bulkification question

Had a quick question regarding Scheduled Flow bulkification (citing the following document: https://help.salesforce.com/s/articleView?id=sf.flow_concepts_bulkification.htm&type=5).

If I am running a scheduled Flow with two elements, a single Get Records element and an Update element, my understanding based on the document would be that if the entry criteria located at least 200 records that fit the criteria for entry, the Scheduled Flow would:

1. Start by batching the first 200 records

2. Interview 1 kicks off with record 1, the Get Records element is bulkifiable

3. from the document: Because Get Records can be bulkified, the interview waits there until all the other interviews have done the same. Then, Salesforce executes all the Get Records operations together (because they’re all for the same element in the same flow). Instead of 100 *(200 in our case)* SOQL queries, the transaction issues one SOQL query.

4. Moves on to the single update element, also bulkified

What is weird is that I am hitting a 101 SOQL queries limit error before even reaching the second element. The queried object is ContentDocumentLink (first record only), and it is used in a formula to set a value that is then used in the update element. My question would be:

1. I have seen this work without error as the document describes countless times, did something change with API 59?

2. Is there some way I have the Flow set up that it isn't considering the Get Records element for bulkification? (e.g. you can't reference a bulkified element in a formula field, for example)

I have never run into an instance where Scheduled Flows didn't automatically bulkify as described in the doc, so any help/thoughts would be appreciated!

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