Emacs 27 - Changing the "selective display character" (also called "ellipsis")

[A M]

Hello

I would like to change the "selective display character" (also called 
"ellipsis", default is "...") to some other character, an arrow 
character would be nice.

Up until Emacs 27, I used the code below in my init.el , it worked just 
great.

;Change the default selective display ("folding") character "..." to " »".
(set-display-table-slot standard-display-table
                        'selective-display (string-to-vector " »"))

With Emacs 27 this no longer works. I have tested by using 
'selective-display' (C-x $) on my init.el as a simple test, I get the 
default "...".
Could you help me by providing a working method for Emacs 27?


Additional information:
I have noticed that some changes were introduced in Emacs 27 pertaining 
to Selective Display / Hidden Text. Some relevant links to the GNU Emacs 
Lisp Reference Manual:

Invisible Text - "Hiding part of the buffer text."
Selective Display - "Hiding part of the buffer text (the old way)."
https://www.gnu.org/software/emacs/manual/html_node/elisp/Invisible-Text.html
https://www.gnu.org/software/emacs/manual/html_node/elisp/Selective-Display.html

Best Regards