The issue was in search that it couldn't capture the changes happened in User profile property values. Due to that values were not crawled and not appearing in search results data.
The solution worked for me is:
Set the managed property to the people index
- Sign in to the Microsoft 365 admin center.
- Click Admin, click SharePoint, and then click search in the SharePoint admin center.
- Click Manage Search Schema.
- Find and open the managed property that you mapped.
- Click Advanced Searchable Settings, and then select PeopleIdx for Full-text index.
- Click OK, and then click OK at the bottom of the page.
When you change the search schema in the people categories, the change is applied only after you update a user profile. If you have to apply the change to all user profiles, you should contact Microsoft 365 technical support.
After 8 hours from applying the above steps, data was populated for me in search and is now working as expected.
There are other solutions and scenarios mentioned in MSDN link: https://docs.microsoft.com/en-us/sharepoint/troubleshoot/search/updated-results-are-not-returned-when-searching-people-properties
And also a nice explanation is provided here: https://searchexplained.com/how-to-make-sure-your-user-profiles-show-up-in-search/