Context: Message template "WMF Monthly convert" was recently updated with new content (diff) on 07/01/2025.

Donor Relations has flagged an issue where dynamic words "monthly", "annual" aren't rendering. An issue with $frequency_unit in this template perhaps?
Taking the subject line as an example, it's set up as:

Thank you for taking that extra step with {if $frequency_unit && $frequency_unit==='month'}a monthly{elseif $frequency_unit && $frequency_unit==='year'}an annual{/if} gift!

but renders:

Thank you for taking that extra step with gift!

Example CID 62159537