Frequency is ignored for auto renewable memberships when term set to months

Overview

The frequency setting is being ignored for auto renew memberships with a term in months. Instead it is getting renewed every 1 month. This bug is repeatable at the demo site

Reproduction steps

1. create a new membership type with a duration of 12 months (or any number greater than 1), fixed, starting on the 1st (our memberships last one year and always end at the end of the month). Set the auto renew option to be "Give option but not required".
2. edit or create a contribution page to have this membership as an option with auto renew set as "Give Option".
3. Go to that page and fill out the info to create a membership with auto renew checked. Click Preview Contribution.
4. Note that preview says that your membership will "be renewed automatically every 1 month(s).".
5. If you continue with the membership payment the payment processor will then bill every 1 month.

We had to process a few refunds due to this bug and had to cancel the PayPal subscriptions.

Current behaviour

Despite what the duration is set to the page always shows:

Total Amount: $1.00
I want this membership to be renewed automatically every 1 month(s).

Expected behaviour

If you set up a membership with auto-renew for X months you expect the membership to renew every X months.

Environment information

I duplicated this using civicrm 5.50 and 5.52 using Joomla 3.10.10. I also reproduced it on demo site.

Comments

This may be related to issue 3344? I posted a question on stack exchange.