I have navigation links with site navigation audience targeting enabled for a specific group.
All group members can see the links, however the 'group owners' do not. Is this normal & expected behavior? What is the way around this?
Thanks.
Yes, this is a normal & expected behavior in SharePoint online modern experience for audience targeting in site navigation.
When you add Azure AD security or M365 group in target audiences for site navigation links, the links will be visible to "Members" of group by default.
Workaround:
Simplest workaround is - add owner of security group in "Members" section of group as well.