diff --git a/src/flake8/options/manager.py b/src/flake8/options/manager.py
index ff5a229..002b3f2 100644
--- a/src/flake8/options/manager.py
+++ b/src/flake8/options/manager.py
@@ -36,6 +36,10 @@ _optparse_callable_map: Dict[str, Union[Type[Any], _ARG]] = {
 }
 
 
+_optparse_default: str = "%default"
+_argparse_default: str = "%(default)s"
+
+
 class _CallbackAction(argparse.Action):
     """Shim for optparse-style callback actions."""
 
@@ -189,13 +193,18 @@ class Option:
             short_option_name, long_option_name = _ARG.NO, short_option_name
 
         # optparse -> argparse `%default` => `%(default)s`
-        if help is not _ARG.NO and "%default" in help:
+        if help is not _ARG.NO and _optparse_default in help:
             LOG.warning(
-                "option %s: please update `help=` text to use %%(default)s "
-                "instead of %%default -- this will be an error in the future",
+                "option %s: please update `help=` text to use %s "
+                "instead of %s -- this will be an error in the future",
                 long_option_name,
+                _argparse_default,
+                _optparse_default,
             )
-            help = help.replace("%default", "%(default)s")
+            help = help.replace(_optparse_default, _argparse_default)
+
+        # ensure help text doesn't get clobbered by later updates to defaults
+        help = self._bind_defaults_to_help_text(help, default)
 
         # optparse -> argparse for `callback`
         if action == "callback":
@@ -294,6 +303,26 @@ class Option:
             parts.append(f"{k}={v!r}")
         return f"Option({', '.join(parts)})"
 
+    @staticmethod
+    def _bind_defaults_to_help_text(
+        help: Union[str, _ARG] = _ARG.NO,
+        default: Union[Any, _ARG] = _ARG.NO,
+        long_option_name: Union[str, _ARG] = _ARG.NO,
+    ) -> Union[str, _ARG]:
+        """Ensure help text doesn't get clobbered by updates to defaults."""
+        if help is not _ARG.NO and _argparse_default in help:
+            if default is _ARG.NO:
+                LOG.warning(
+                    "option %s: %s detected in `help=` text, "
+                    "but no default value was provided",
+                    long_option_name,
+                    _argparse_default,
+                )
+            else:
+                help = help.replace(_argparse_default, "%s") % default
+
+        return help
+
     def normalize(self, value: Any, *normalize_args: str) -> Any:
         """Normalize the value based on the option configuration."""
         if self.comma_separated_list and isinstance(value, str):
diff --git a/tests/integration/test_main.py b/tests/integration/test_main.py
index fe254b7..830b5c6 100644
--- a/tests/integration/test_main.py
+++ b/tests/integration/test_main.py
@@ -1,12 +1,14 @@
 """Integration tests for the main entrypoint of flake8."""
 import json
 import os
+import re
 import sys
 from unittest import mock
 
 import pytest
 
 from flake8 import utils
+from flake8.defaults import EXCLUDE
 from flake8.main import cli
 from flake8.options import config
 
@@ -149,6 +151,33 @@ def test_extend_exclude(tmpdir, capsys):
     assert err == ""
 
 
+def test_config_value_does_not_clobber_default_help_text(tmpdir, capsys):
+    """Test a config value does not clobber the default help text output."""
+    setup_cfg = """\
+[flake8]
+exclude = 1,2
+"""
+    expected = ",".join(EXCLUDE)
+
+    default_pattern = re.compile(r"\(Default:(.*?)\)")
+    whitespace_pattern = re.compile(r"\s+")
+
+    with tmpdir.as_cwd():
+        tmpdir.join("setup.cfg").write(setup_cfg)
+        with pytest.raises(SystemExit):
+            cli.main(["-h"])
+
+    out, err = capsys.readouterr()
+
+    for section in out.split("--"):
+        if section.startswith("exclude patterns"):
+            section = re.sub(whitespace_pattern, "", section)
+            default_groups = re.search(default_pattern, section)
+            assert default_groups is not None
+            default = default_groups.group(1)
+            assert default == expected
+
+
 def test_malformed_per_file_ignores_error(tmpdir, capsys):
     """Test the error message for malformed `per-file-ignores`."""
     setup_cfg = """\