I just created a document library and invited a guest user with edit-access. Created a customized meta-data field and added some terms in the termset. Then added three files and attached the terms to them.
The owner & other internal users can view the terms that has been set on the items in the library. But guest users cannot. I have reproduced the same issue in three different tenants today. Also tried to give the guestuser full control of the site, but this issue still remains.
Have tried both the local termstore and the global one. Same issue.
Can anyone else reproduce this strange behavior and what could possibly be wrong?