Getting key value instead of name value in the mail

Issue

Enable the email functionality in the object. After submitting the form, in the mail, getting the key value instead of the name value of the picklist.
Steps to reproduce:
1. Start Liferay DXP 7.4
2. Navigate to Control Panel > Picklists. Create a new picklist and the items, give the name and the key value then click on 'Save'.
3. Now, navigate to Control Panel > Objects. Create a new object, and inside the object, create a new 'Fields' while creating a field, select the 'Type' picklist, and in the 'Picklist' option, select the picklist which we have created in step 2.
4. Navigate to Control Panel > Templates. Create a new email template and select the 'Entity' which we have created in step 3.
5. Inside the created object, select the 'Action' tab, create a new action, and name the label, under 'Action Builder' apply the rule and click on 'Save'.
6. Now, navigate to Site Menu > Design. Create a new fragment set and add the fragment, then select the 'Form Fragment' then choose the 'select' option, click on 'Add' and publish the form.
7. On a new page, drag and drop the 'form container' and map the form by selecting the object that we have created in the 3rd step.
8. Configure mail on the portal, please see here: How to set up a Mail Server with DXP to receive email notifications?
9. Submit the form by selecting the entries.
Observed behavior: In the mail, getting the key value instead of the name value.
Expected behavior: Should get name value in the mail.

The observed behavior is the known bug of DXP 7.4 that has been addressed by LPS-178364.

If a hotfix is required, please create a support ticket requesting the hotfix by attaching the patch details.
Installing Fix Packs and Hotfixes on Liferay DXP will guide you to install the Fixpack/Hotfix in your environment.