See packages/babel-standalone/src/dynamic-require-entrypoint.cjs for the reason for this diff.

diff --git a/dist/index.js b/dist/index.js
index 712f6a7d81b115d468a764b4139caa00d6cfc358..73fbf004217f3d44b6420d3082a0846b53e00f4c 100644
--- a/dist/index.js
+++ b/dist/index.js
@@ -1626,7 +1626,7 @@ function commonjs(options = {}) {
   const sourceMap = options.sourceMap !== false;

   function transformAndCheckExports(code, id) {
-    if (isDynamicRequireModulesEnabled && this.getModuleInfo(id).isEntry) {
+    if (isDynamicRequireModulesEnabled && (this.getModuleInfo(id).isEntry || id.endsWith("/dynamic-require-entrypoint.cjs"))) {
       code =
         getDynamicPackagesEntryIntro(dynamicRequireModuleDirPaths, dynamicRequireModuleSet) + code;
     }