Text watermark doesn't appear when exporting image with crop set to "as shot"

[Naikhanom]

If I export a set of images and set them to use a text created watermark, a bunch of the exported images don't seem to have the watermark whilst other exported images have the watermark as intended.

I can see the only consistency in images without the watermark is the crop factor is set to "as shot". 
If I change the crop factor  to anything else, then the watermark appears on my exported image as expected.

It's worth noticing that it doesn't make a difference if crop is resized, or the same crop factor is selected from the list - for example in my case 2 x 3 - the watermark still won't show on the exported image.

Settings/font etc as per the image pasted below.

Lightroom Classic version: 11.4 [ 202206021307-2f136917 ]
License: Creative Cloud
Language setting: en
Operating system: Windows 10 - Business Edition
Version: 10.0.22000
Application architecture: x64
System architecture: x64
Logical processor count: 16
Processor speed: 3.5GHz
SqLite Version: 3.36.0
Built-in memory: 32716.8 MB
Real memory available to Lightroom: 32716.8 MB
Real memory used by Lightroom: 4806.2 MB (14.6%)
Virtual memory used by Lightroom: 24168.4 MB
GDI objects count: 1644
USER objects count: 3945
Process handles count: 4815
Memory cache size: 0.0MB
Internal Camera Raw version: 14.4 [ 1121 ]
Maximum thread count used by Camera Raw: 5
Camera Raw SIMD optimization: SSE2,AVX,AVX2
Camera Raw virtual memory: 8213MB / 16358MB (50%)
Camera Raw real memory: 8705MB / 32716MB (26%)
System DPI setting: 96 DPI
Desktop composition enabled: Yes
Displays: 1) 2560x1440
Input types: Multitouch: No, Integrated touch: No, Integrated pen: Yes, External touch: No, External pen: Yes, Keyboard: No

Graphics Processor Info:
DirectX: NVIDIA GeForce RTX 2060 SUPER (31.0.15.1640)

Results below from same export settings:
As shot crop followed by a 1x1 crop

[Naikhanom]

Follow up to this...

Whilst the crop factor did seem to affect things, I think the main problem was with the font I had been using. When I switched to different font and used "adobe condensed" instead, the watermark worked at all crop sizes. 

This is still an odd issue though, I think something that deserves investigation as Bahnschrift Condensed (per my screenshot above) had worked consistently before.