I would have thought it happened like Phil said but it would have taken longer, so it must be from the filler expanding. If that's the case you have two choices. Change filler to one that is not water soluble after drying, or coat over it with shellac as you proposed. Shellac sticks to most everything and most everything sticks to shellac, so I don't think you'll have any problems if that's what you choose to do.
But before you do any of that, why not just wait a couple of days and see if it magically shrinks back flush again. If it swelled from absorbing water from the paint it may shrink back down when it dries again.
That looks more like a wood plug than putty on my end. Course sometimes my end can get distorted if my ozone depletion coptoviro system is malfunctioning......
Steve
Mo.
I miss the days of using my dinghy with a girlfriend too. Zack Butler-4/18/24
The Revos apparently are designed to clamp railroad ties and pull together horrifically prepared joints
WaterlooMark 02/9/2020
Here are some supplies and tools we find essential in our everyday work around the shop. We may receive a commission from sales referred by our links; however, we have carefully selected these products for their usefulness and quality.