How does the Placeholder work?

Hi,

First of all, thank you very much for this very great plugin. It works very well.

However I have one question with regards to Placeholder. When I am on the Customizer page, I see there is a paragraph that says the following:

“You can use any of these placeholders in your emails content or templates and they will be automatically replaced

%%BLOG_URL%%
%%HOME_URL%%
%%BLOG_NAME%%
%%BLOG_DESCRIPTION%%
%%ADMIN_EMAIL%%
%%DATE%%
%%TIME%%”

When I place %%HOME_URL%% on the WordPress email when a user signs up for a sub-site on my Multisite website, the email I received display exactly these words: “%%HOME_URL%%”. I believe it is suppose to display my homepage URL in the email. Yet it did not happen. Perhaps I understand it wrongly or place it wrongly. Can you advise on this.

Thank you

Esther