Newly created fields are not being displayed

I have a content type “Article” with fields and data that was migrated from a Drupal 7 website.

  1. In the admin/structure/types/manage/article/fields I added a new text field called “Test” with default value some of some HTML added.
  2. Then, I went to manage form display and disabled that field from the form
  3. Then I went to manage display of the appropriate view mode and enabled that field.
  4. Flushed the cache

Reloading the article page doesn’t display the newly added field. I believe it is because there is no value in it, but shouldn’t adding a default value to the field pre-populate that field for all previous content belonging to that content type? Or am I missing something here?