See packages/babel-standalone/src/dynamic-require-entrypoint.cjs for the reason for this diff.

diff --git a/dist/index.es.js b/dist/index.es.js
index 81cb408c8482fc7591a3381eb00b46abc9d21b14..1816113246e075ba7ae99638b64f004fd985ec74 100644
--- a/dist/index.es.js
+++ b/dist/index.es.js
@@ -1641,7 +1641,7 @@ function commonjs(options = {}) {
   const sourceMap = options.sourceMap !== false;

   function transformAndCheckExports(code, id) {
-    if (isDynamicRequireModulesEnabled && this.getModuleInfo(id).isEntry) {
+    if (isDynamicRequireModulesEnabled && (this.getModuleInfo(id).isEntry || id.endsWith("/dynamic-require-entrypoint.cjs"))) {
       // eslint-disable-next-line no-param-reassign
       code =
         getDynamicPackagesEntryIntro(dynamicRequireModuleDirPaths, dynamicRequireModuleSet) + code;
diff --git a/dist/index.js b/dist/index.js
index 8ef2184001cb697c6fc2466e9b5fe084c7f1d08c..056ded21d0bb35b8a7c36d1ec50a6ddb5508d386 100644
--- a/dist/index.js
+++ b/dist/index.js
@@ -1650,7 +1650,7 @@ function commonjs(options = {}) {
   const sourceMap = options.sourceMap !== false;

   function transformAndCheckExports(code, id) {
-    if (isDynamicRequireModulesEnabled && this.getModuleInfo(id).isEntry) {
+    if (isDynamicRequireModulesEnabled && (this.getModuleInfo(id).isEntry || id.endsWith("/dynamic-require-entrypoint.cjs"))) {
       // eslint-disable-next-line no-param-reassign
       code =
         getDynamicPackagesEntryIntro(dynamicRequireModuleDirPaths, dynamicRequireModuleSet) + code;