The spec states it as: “Attribute values are a mixture of text and character references, except with the additional restriction that the text cannot contain an ambiguous ampersand.”
Whereas in the the days before HTML5 this has been mandatory.
> HTML 4.01 Specification – Appendix B.2.2 “Ampersands in URI attribute values”
https://www.w3.org/TR/html401/appendix/notes.html#h-B.2.2
> Unfortunately, the use of the “&” character to separate form fields interacts with its use in SGML attribute values to delimit character entity references.