Magento 2 Issue with email template loaded in admin Marketing >> Email templates

I have added custom code in footer.html for email footer.
{{var store.getFormattedAddress()|raw}} is being used to display the store address.

If I load the footer template in Marketing >> Email templates, and assign the same in Content >> Configuration >> Transactional emails >> Footer Template, store address is not displayed in footer.

But that is not the case if defaut footer is set in Content >> Configuration >> Transactional emails >> Footer Template.

What could be the reason?

UPDATE
I removed custom code from footer and added back default code with {{var store.getFormattedAddress()|raw}} in it.
The issue still exists.