Yeah, I also got my hopes up when I say the icon change the other day.. which quickly deflated!
It could still be a sign of an imminent update, hopefully soon?! 
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With this topic marked considered I’d say that’s plausible.
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Use Case: A task in one project is added to any additional projects. When the task is added to the other project(s), the related projects/tasks do not automatically populate, even when there is a global related field in all projects.
Is anyone else experiencing this?
So you are saying the task has a Reference field, listing projects, and you were expecting that field to populate automatically with the projects the task was multi-homed into?
Reference fields don’t have any automation, unless you added Rules, otherwise it is all manually updated.