It’s not working properly in raw handlebar templates. Here incorrect context variable hash.data.root is used instead of hash.hash.context. But even fixing it not resolving the problem since the context itself carrying incorrect value.
In this line instead to set this object to context variable the raw handlebar precompiler setting constant string value "this" to the context (context = "this"). It is working perfectly in normal handlebars since it using different precompiler.
We have to fix the raw handlebar precompiler to resolve this issue. Until that I did Remove support for theme settings in raw handlebar templates · discourse/discourse@19e8f9a · GitHub