Photoshop Smart Objects

Photoshop does not Update the smart object layers object till you commit the changes in the work document.  You need to save it if it open in Photoshop,  or you OK the changes in ACR if it is opens in ACR,  or you save work file in AI if it opens for you in AI.   When you Edit an Object you should not change its size.  Every Photoshop Smart Object Layers has and associated transform for the object rendered pixels.   The associated layer transform  does not change when you replace the content of a smart object,  If you change the object size the associated transform will not work correctly for the number of pixels Photoshop renders for the updated object will not be the same size as it was before the update.

Here I Opened a smart object change its aspect ratio as soon As I save it Photoshop update the smart object and the transforms did not work

I can't see your full screen, so I'm not sure, but do you have "Show Transform Controls" checked?

I can't tell for sure, but it looks like in the open .psb of the smart object, it thinks you're still editing the text object, but when you see it in your file that includes that smart object, it sees it as a layer - hence the transformation handles being in different places.

Have you told the open smart object (the .psb) that you're done editing? That you accept the edits? To do that, the easiest thing is to click the checkbox at the top of the page after you've edited. Then, save and close the .psb, and you SHOULD see things working the way you expect.... I hope!