Steps to reproduce:
Go to data:text/html, some text here
for example.
Observe that the url is just data:
Go to history (cmd-y) and see that the website has the address data:
here is what it shows: 
Clicking on it sends me to the url https://www.google.com/search?q=data%3A
if the search engine is set as Google
.
Expected behavior:
URL is shown as data:text/html, some text here
History shows the URL as data:text/html, some text here
Clicking on it sends me to data:text/html, some text here
Orion and macOS:
Device: 2020 13" M1 MacBook Pro
OS: macOS Monterey 12.1
Orion: Version 0.99.109.1-beta (WebKit 613.1.12)