Can't use site description in Welcome Message

I’m trying to use the following in the /admin/customize/site_texts?q=required.welcome_message:

# [Welcome to %{title}](#welcome)

### %{site_description}

An account is required. Please create an account or log in to continue.

However, I get the following error:

image

Why isn’t this key (or others) available for text customisation?

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