It looks like the formatted value is available, but the way it's being referenced is the issue.
If you're using Get a row (Dataverse/OpenApiConnection 2048), the formatted value is usually in the action output, not directly from triggerOutputs() unless it's actually coming from the trigger.
Try referencing it like this in your Compose action:
outputs('Get_Plugin_Record')?['body']['msp_environment@OData.Community.Display.V1.FormattedValue']
or, if you're inside an Apply to each:
items('Apply_to_each')?['msp_environment@OData.Community.Display.V1.FormattedValue']
A couple of other things I noticed from your screenshots:
Filter array expects an array as input, so it won't work against the body of a single Get a row action.
Make sure the property name is spelled exactly as returned in the run history (including the @OData.Community.Display.V1.FormattedValue suffix).
If the expression returns blank, check the raw outputs of Get_Plugin_Record in the run history to confirm that msp_environment@OData.Community.Display.V1.FormattedValue actually exists. Some fields only return the formatted value when they contain data.
If it still doesn't work, could you share the raw Outputs (JSON) from your Get_Plugin_Record action? That will make it much easier to determine the correct expression.