According to my calculator, $2^{255} = 0.5$.
Also, for the range $2^x, x\in[254.5, 255.5)$ the result spans $[0.3535533906, 0.7071067812]$. Outside of that, the answers seem correct.
Curiosly, $2^{255.4999999} = 0.7071062911 \approx 1/\sqrt{2}$ in the calculator's opinion, how about that!
Can any other owner of the Citizen SR-270X reproduce and confirm this? Besides that, is such behaviour to be expected and acceptable?
Such behaviour is not to be expected, and is unacceptable. Not having a Citizen SR-270X handy, I can't investigate further, but it is clear that this machine has a bug in its floating-point arithmetic code.
Speculating further, perhaps they have a special exponentiation routine for powers of two, which increments the exponent for some reason, and then divides by $2$. But they forgot to check for overflow when incrementing the exponent.