Live Preview not working even if it enabled in settings

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What I’m trying to do

Things I have tried

I have been using Obsidian for quiet few months. However, earlier Live Preview used work fine. But recently, in source mode if I do any kind formatting, it’s not reflected in the source mode.
I am sure why this started happening.

Eg:

if I want to use bold formatter for Raghav I will see
Raghav

Not the bold characters.

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