You can see in the debug output that the Component Links are not expanded because a Data Presentation exists.
DXA 2.0 supports so-called dynamic expansion of linked Components. With dynamic expansion, the linked Component is not expanded on CM-side, but published separately as a DCP (the so-called Data Presentation). Eventually, the linked Component will still get expanded, but this is done dynamically by the DXA Model Service.
You can choose for dynamic expansion by associating the Schema of the linked Component with the “Generate Data Presentation” Dynamic Component Template.
According to the log output, this is the case for your linked Components. If this is not desired, you should remove your Schema from the list of Related Schemas of the “Generate Data Presentation” CT.
The number of link levels to expand Component links statically can be configured as a parameter in TBBs “Render Page Content” and “Render Component Content”.