Dear Sakshi Powade,
Thanks for writing back and updating with us. Our sincere apologies for taking time to reply you back because I was working on your scenario with the different tenants.
As per the further updates, I would like to convey that there is no issue from my end when using the same formula provided in your original post.
In this situation, I would like to confirm whether the same problem happens in the InPrivate or Incognito window:
Open the Google Chrome browser> Click on the three dots at the top right> Click on the New Incognito window> Access your SharePoint Online site with the problematic List and check the outcome.
If there is no issue, then please clear the cache and cookies of your browser and try to sign-in back to check the outcome.
If the same problem happens even in the InPrivate or Incognito window, then I believe the column with the Conditional Formula is corrupted. So, I request you to delete the conditional formula applied on the column and re-add the conditional formula to see the outcome.
If the same problem persists, then I am sorry to convey that you need to create a new column and apply the same conditional formula on the newly created column. If it works without any issue, please delete the corrupted column and continue to use the newly created column.
If any of the suggestions provided above helped your scenario, I request you to please mark this reply by voting your valuable vote to the reply as it will help other members in this community with the similar requirement to find the answers quickly:
In the future, if you have any further concerns related to Office 365, please feel free to post a new thread in this community and we will try our best to assist you.
Appreciate your patience and understanding. Have a great day!!
Best Regards,
Sophia