Excel Lambda function produces a VALUE! error

I am using Excel version 2205 (Build 15225.20356)

I expect that each of these functions produces the identical result $A$1

// no lambda or let
=ADDRESS(ROW(A1),COLUMN(A1))

// lambda alone
=LAMBDA(cell, ADDRESS(ROW(cell), COLUMN(cell)))(A1)

// let alone
=LET(
    cell,
    A1,

    f,
    ADDRESS(ROW(cell), COLUMN(cell)),
    
    f
)

// let and lambda (version 1)
=LET(
    cell,
    A1,

    f,
    LAMBDA(x,
        ADDRESS(ROW(x), COLUMN(x))
    ),

    f(cell)
)

// let and lambda (version 2)
=LET(
    cell,
    A1,

    f,
    LAMBDA(x,
        ADDRESS(ROW(cell), COLUMN(x))
    ),

    f(cell)
)

The last function produces a #VALUE! error. Why?

EDIT: here's an example that does something similar, but does work as expected. Assume $A$1=1, then this will output 2

=LET(
    cell,
    A1,

    f,
    LAMBDA(x, cell + x),

    f(cell)
)