diff --git a/core/variant/variant_parser.cpp b/core/variant/variant_parser.cpp
index 06daaab6a20..50f8007efae 100644
--- a/core/variant/variant_parser.cpp
+++ b/core/variant/variant_parser.cpp
@@ -1789,7 +1789,7 @@ static String rtos_fix(double p_value) {
 	}
 }
 
-Error VariantWriter::write(const Variant &p_variant, StoreStringFunc p_store_string_func, void *p_store_string_ud, EncodeResourceFunc p_encode_res_func, void *p_encode_res_ud, int p_recursion_count) {
+Error VariantWriter::write(const Variant &p_variant, StoreStringFunc p_store_string_func, void *p_store_string_ud, EncodeResourceFunc p_encode_res_func, void *p_encode_res_ud, int p_recursion_count, bool p_compat) {
 	switch (p_variant.get_type()) {
 		case Variant::NIL: {
 			p_store_string_func(p_store_string_ud, "null");
@@ -2009,7 +2009,7 @@ Error VariantWriter::write(const Variant &p_variant, StoreStringFunc p_store_str
 					}
 
 					p_store_string_func(p_store_string_ud, "\"" + E.name + "\":");
-					write(obj->get(E.name), p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count);
+					write(obj->get(E.name), p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count, p_compat);
 				}
 			}
 
@@ -2035,9 +2035,9 @@ Error VariantWriter::write(const Variant &p_variant, StoreStringFunc p_store_str
 
 				p_store_string_func(p_store_string_ud, "{\n");
 				for (List<Variant>::Element *E = keys.front(); E; E = E->next()) {
-					write(E->get(), p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count);
+					write(E->get(), p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count, p_compat);
 					p_store_string_func(p_store_string_ud, ": ");
-					write(dict[E->get()], p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count);
+					write(dict[E->get()], p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count, p_compat);
 					if (E->next()) {
 						p_store_string_func(p_store_string_ud, ",\n");
 					} else {
@@ -2096,7 +2096,7 @@ Error VariantWriter::write(const Variant &p_variant, StoreStringFunc p_store_str
 					} else {
 						p_store_string_func(p_store_string_ud, ", ");
 					}
-					write(var, p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count);
+					write(var, p_store_string_func, p_store_string_ud, p_encode_res_func, p_encode_res_ud, p_recursion_count, p_compat);
 				}
 
 				p_store_string_func(p_store_string_ud, "]");
@@ -2110,7 +2110,16 @@ Error VariantWriter::write(const Variant &p_variant, StoreStringFunc p_store_str
 		case Variant::PACKED_BYTE_ARRAY: {
 			p_store_string_func(p_store_string_ud, "PackedByteArray(");
 			Vector<uint8_t> data = p_variant;
-			if (data.size() > 0) {
+			if (p_compat) {
+				int len = data.size();
+				const uint8_t *ptr = data.ptr();
+				for (int i = 0; i < len; i++) {
+					if (i > 0) {
+						p_store_string_func(p_store_string_ud, ", ");
+					}
+					p_store_string_func(p_store_string_ud, itos(ptr[i]));
+				}
+			} else if (data.size() > 0) {
 				p_store_string_func(p_store_string_ud, "\"");
 				p_store_string_func(p_store_string_ud, CryptoCore::b64_encode_str(data.ptr(), data.size()));
 				p_store_string_func(p_store_string_ud, "\"");
@@ -2255,8 +2264,8 @@ static Error _write_to_str(void *ud, const String &p_string) {
 	return OK;
 }
 
-Error VariantWriter::write_to_string(const Variant &p_variant, String &r_string, EncodeResourceFunc p_encode_res_func, void *p_encode_res_ud) {
+Error VariantWriter::write_to_string(const Variant &p_variant, String &r_string, EncodeResourceFunc p_encode_res_func, void *p_encode_res_ud, bool p_compat) {
 	r_string = String();
 
-	return write(p_variant, _write_to_str, &r_string, p_encode_res_func, p_encode_res_ud);
+	return write(p_variant, _write_to_str, &r_string, p_encode_res_func, p_encode_res_ud, 0, p_compat);
 }
diff --git a/core/variant/variant_parser.h b/core/variant/variant_parser.h
index 2f8974849f1..b0ac07170da 100644
--- a/core/variant/variant_parser.h
+++ b/core/variant/variant_parser.h
@@ -161,8 +161,8 @@ public:
 	typedef Error (*StoreStringFunc)(void *ud, const String &p_string);
 	typedef String (*EncodeResourceFunc)(void *ud, const Ref<Resource> &p_resource);
 
-	static Error write(const Variant &p_variant, StoreStringFunc p_store_string_func, void *p_store_string_ud, EncodeResourceFunc p_encode_res_func, void *p_encode_res_ud, int p_recursion_count = 0);
-	static Error write_to_string(const Variant &p_variant, String &r_string, EncodeResourceFunc p_encode_res_func = nullptr, void *p_encode_res_ud = nullptr);
+	static Error write(const Variant &p_variant, StoreStringFunc p_store_string_func, void *p_store_string_ud, EncodeResourceFunc p_encode_res_func, void *p_encode_res_ud, int p_recursion_count = 0, bool p_compat = true);
+	static Error write_to_string(const Variant &p_variant, String &r_string, EncodeResourceFunc p_encode_res_func = nullptr, void *p_encode_res_ud = nullptr, bool p_compat = true);
 };
 
 #endif // VARIANT_PARSER_H
diff --git a/scene/resources/resource_format_text.cpp b/scene/resources/resource_format_text.cpp
index 98a12f14006..f70a00a9f6a 100644
--- a/scene/resources/resource_format_text.cpp
+++ b/scene/resources/resource_format_text.cpp
@@ -40,6 +40,7 @@
 // Version 2: changed names for Basis, AABB, Vectors, etc.
 // Version 3: new string ID for ext/subresources, breaks forward compat.
 // Version 4: PackedByteArray is now stored as base64 encoded.
+#define FORMAT_VERSION_COMPAT 3
 #define FORMAT_VERSION 4
 
 #define BINARY_FORMAT_VERSION 4
@@ -845,7 +846,7 @@ void ResourceLoaderText::set_translation_remapped(bool p_remapped) {
 }
 
 ResourceLoaderText::ResourceLoaderText() :
-		stream(false) {}
+		stream(false), format_version(FORMAT_VERSION) {}
 
 void ResourceLoaderText::get_dependencies(Ref<FileAccess> p_f, List<String> *p_dependencies, bool p_add_types) {
 	open(p_f);
@@ -954,13 +955,13 @@ Error ResourceLoaderText::rename_dependencies(Ref<FileAccess> p_f, const String
 				}
 
 				if (is_scene) {
-					fw->store_line("[gd_scene load_steps=" + itos(resources_total) + " format=" + itos(FORMAT_VERSION) + uid_text + "]\n");
+					fw->store_line("[gd_scene load_steps=" + itos(resources_total) + " format=" + itos(format_version) + uid_text + "]\n");
 				} else {
 					String script_res_text;
 					if (!script_class.is_empty()) {
 						script_res_text = "script_class=\"" + script_class + "\" ";
 					}
-					fw->store_line("[gd_resource type=\"" + res_type + "\" " + script_res_text + "load_steps=" + itos(resources_total) + " format=" + itos(FORMAT_VERSION) + uid_text + "]\n");
+					fw->store_line("[gd_resource type=\"" + res_type + "\" " + script_res_text + "load_steps=" + itos(resources_total) + " format=" + itos(format_version) + uid_text + "]\n");
 				}
 			}
 
@@ -1063,13 +1064,15 @@ void ResourceLoaderText::open(Ref<FileAccess> p_f, bool p_skip_first_tag) {
 	}
 
 	if (tag.fields.has("format")) {
-		int fmt = tag.fields["format"];
-		if (fmt > FORMAT_VERSION) {
+		format_version = tag.fields["format"];
+		if (format_version > FORMAT_VERSION) {
 			error_text = "Saved with newer format version";
 			_printerr();
 			error = ERR_FILE_UNRECOGNIZED;
 			return;
 		}
+	} else {
+		format_version = FORMAT_VERSION;
 	}
 
 	if (tag.name == "gd_scene") {
@@ -1970,6 +1973,12 @@ void ResourceFormatSaverTextInstance::_find_resources(const Variant &p_variant,
 				_find_resources(v);
 			}
 		} break;
+		case Variant::PACKED_BYTE_ARRAY: {
+			// Balance between compatibility and performance.
+			if (use_compat && p_variant.operator PackedByteArray().size() > 64) {
+				use_compat = false;
+			}
+		} break;
 		default: {
 		}
 	}
@@ -2005,6 +2014,7 @@ Error ResourceFormatSaverTextInstance::save(const String &p_path, const Ref<Reso
 	}
 
 	// Save resources.
+	use_compat = true; // _find_resources() changes this.
 	_find_resources(p_resource, true);
 
 	if (packed_scene.is_valid()) {
@@ -2037,7 +2047,7 @@ Error ResourceFormatSaverTextInstance::save(const String &p_path, const Ref<Reso
 		if (load_steps > 1) {
 			title += "load_steps=" + itos(load_steps) + " ";
 		}
-		title += "format=" + itos(FORMAT_VERSION) + "";
+		title += "format=" + itos(use_compat ? FORMAT_VERSION_COMPAT : FORMAT_VERSION) + "";
 
 		ResourceUID::ID uid = ResourceSaver::get_resource_id_for_path(local_path, true);
 
@@ -2223,7 +2233,7 @@ Error ResourceFormatSaverTextInstance::save(const String &p_path, const Ref<Reso
 				}
 
 				String vars;
-				VariantWriter::write_to_string(value, vars, _write_resources, this);
+				VariantWriter::write_to_string(value, vars, _write_resources, this, use_compat);
 				f->store_string(name.property_name_encode() + " = " + vars + "\n");
 			}
 		}
@@ -2287,14 +2297,14 @@ Error ResourceFormatSaverTextInstance::save(const String &p_path, const Ref<Reso
 			if (!instance_placeholder.is_empty()) {
 				String vars;
 				f->store_string(" instance_placeholder=");
-				VariantWriter::write_to_string(instance_placeholder, vars, _write_resources, this);
+				VariantWriter::write_to_string(instance_placeholder, vars, _write_resources, this, use_compat);
 				f->store_string(vars);
 			}
 
 			if (instance.is_valid()) {
 				String vars;
 				f->store_string(" instance=");
-				VariantWriter::write_to_string(instance, vars, _write_resources, this);
+				VariantWriter::write_to_string(instance, vars, _write_resources, this, use_compat);
 				f->store_string(vars);
 			}
 
@@ -2302,7 +2312,7 @@ Error ResourceFormatSaverTextInstance::save(const String &p_path, const Ref<Reso
 
 			for (int j = 0; j < state->get_node_property_count(i); j++) {
 				String vars;
-				VariantWriter::write_to_string(state->get_node_property_value(i, j), vars, _write_resources, this);
+				VariantWriter::write_to_string(state->get_node_property_value(i, j), vars, _write_resources, this, use_compat);
 
 				f->store_string(String(state->get_node_property_name(i, j)).property_name_encode() + " = " + vars + "\n");
 			}
@@ -2336,7 +2346,7 @@ Error ResourceFormatSaverTextInstance::save(const String &p_path, const Ref<Reso
 			f->store_string(connstr);
 			if (binds.size()) {
 				String vars;
-				VariantWriter::write_to_string(binds, vars, _write_resources, this);
+				VariantWriter::write_to_string(binds, vars, _write_resources, this, use_compat);
 				f->store_string(" binds= " + vars);
 			}
 
@@ -2368,14 +2378,14 @@ Error ResourceLoaderText::set_uid(Ref<FileAccess> p_f, ResourceUID::ID p_uid) {
 
 	fw = FileAccess::open(local_path + ".uidren", FileAccess::WRITE);
 	if (is_scene) {
-		fw->store_string("[gd_scene load_steps=" + itos(resources_total) + " format=" + itos(FORMAT_VERSION) + " uid=\"" + ResourceUID::get_singleton()->id_to_text(p_uid) + "\"]");
+		fw->store_string("[gd_scene load_steps=" + itos(resources_total) + " format=" + itos(format_version) + " uid=\"" + ResourceUID::get_singleton()->id_to_text(p_uid) + "\"]");
 	} else {
 		String script_res_text;
 		if (!script_class.is_empty()) {
 			script_res_text = "script_class=\"" + script_class + "\" ";
 		}
 
-		fw->store_string("[gd_resource type=\"" + res_type + "\" " + script_res_text + "load_steps=" + itos(resources_total) + " format=" + itos(FORMAT_VERSION) + " uid=\"" + ResourceUID::get_singleton()->id_to_text(p_uid) + "\"]");
+		fw->store_string("[gd_resource type=\"" + res_type + "\" " + script_res_text + "load_steps=" + itos(resources_total) + " format=" + itos(format_version) + " uid=\"" + ResourceUID::get_singleton()->id_to_text(p_uid) + "\"]");
 	}
 
 	uint8_t c = f->get_8();
diff --git a/scene/resources/resource_format_text.h b/scene/resources/resource_format_text.h
index c05b7a24e15..41363fd9754 100644
--- a/scene/resources/resource_format_text.h
+++ b/scene/resources/resource_format_text.h
@@ -54,6 +54,7 @@ class ResourceLoaderText {
 	};
 
 	bool is_scene = false;
+	int format_version;
 	String res_type;
 
 	bool ignore_resource_parsing = false;
@@ -178,6 +179,7 @@ class ResourceFormatSaverTextInstance {
 	List<Ref<Resource>> saved_resources;
 	HashMap<Ref<Resource>, String> external_resources;
 	HashMap<Ref<Resource>, String> internal_resources;
+	bool use_compat = true;
 
 	struct ResourceSort {
 		Ref<Resource> resource;