Company always shows completions: None in text-mode

What happened?

When typing in a text-mode (specifically org-mode), no company-mode completions pop up. If prompted explicitly with company-ispell (C-x s), the expected tooltip pops up, but company-complete does nothing. company-diag shows completions: None (see below)

Emacs 30.0.50 (aarch64-apple-darwin22.6.0) of 2024-03-02 on Mac-1709324897585.local
Company 0.10.2

company-backends: (company-capf)

Used backend: company-capf

Value of c-a-p-f: (pcomplete-completions-at-point t ispell-completion-at-point)
Major mode: org-mode
Prefix: nil

Completions: none

I found this temporary fix works:

(after! org
  (setq company-backends '(:separate company-dabbrev company-yasnippet company-ispell)))

What did you expect to happen?

Tooltip pops up in the middle of a word, after a delay, with suggestions.

Steps to reproduce

Open a text-mode buffer and type a few words. Nothing appears.

System information

Loading data dump...

Update: it’s not an issue with org-mode or text modes in general, but specifically in one large file with a lot of nesting. Focusing my energy on fixing that.