Fast Formula to fetch rejection reason not working as expected

Summary:

Hello Experts,

We have created a fast formula to achieve the functionality of fetching rejection reason and basis on that trigger the notification. We have used value set to find the same. When we move the candidate to Rejected by Employer state and click Save and Close, we ran the query on the valueset and the output is as expected. However when the Fast formula is triggered which refers to the same valueset, it is referring to the event row prior to Rejected by Employer state and not the latest. This looks like a bug. Would appreciate any input on the same.