It does seem pretty odd. As far as I can see here, it’s actually the grave accent symbol that’s displaying the live variables page - i.e. the other symbol on the key under the ESC key on the default keyboard that came with TT:

If I hit this key using the default keyboard, the live variables screen is toggled. If I hold SHIFT and hit this key, the screen displays a tilde.
My OLKB keyboard doesn’t have this key, so I’d configured the keyboard to use a key combo to generate a tilde. The key combo included a SHIFT - because the tilde is the shifted character on that key.
I’ve removed the SHIFT from that key combo (i.e. I’m sending a “`”) and all is working as it should.
What now seems strange to me is that it worked for me in the 3.0 build. 