Since you are using strings as the values in your TV and not assigning them to keys (eg. "General News & Events==1||1st XV==2"), the values are the same as the keys. What this means is that all the documents you created that utilize this TV that were created BEFORE you added the apostrophes will need to be updated so that the keys match the new values (the ones with the apostrophes).
This is not really a bug, but it can be confusing for beginners just delving in to Template Variables. It’s pretty low level stuff, so don’t feel bad if you don’t get it yet
It may also be worth it to remove the spaces between your ’||’ as those are considered part of the value (whitespace isn’t ignored) and are saved to the database too.