I virtually never use the formula node, but from a bit of casual testing with your VI it seems that the formula node records it as an overflow and pegs the output at 255 if bits are shifted out to the left. It almost seems like the calculation is done on more than 8 bits, then coerced instead of truncated for the 8 bit result.
If you want it to correctly work in your code, place e.g. a "ToU16" in from of the formula node and a "ToU8" right after it.
Strange... Maybe somebody can explain this behavior.
(similar overflow also occurs when left shifting U16 or U32 using the formula node)