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Follow up...
I did open a ticket with Microsoft who said this IS a feature change, but do realize there is a need for end users to choose if they want full chat (with names & timestamp) or just text.
I was told a Feature Request is in play for this to be addressed by that MS group, but no ETA or timeframe is provided.
Hoping this article and other related articles raise the priority, but only time will tell.
Thanks, everyone, for continuing to input possible workarounds that may help some and for keeping this stream alive until a resolution is provided.