CustomActionData value is correct in runtime log, but null when evaluated in ExeCommand

I am trying to pass INSTALLDIR to a deferred CustomAction with ExeCommand and for the purpose of making the reproducible simple, I am just calling echo [CustomActionData]. I have the following code:

    <CustomAction Id="SetInstallationDirectory" Property="RunEcho" Value="[INSTALLDIR]" />

    <CustomAction Id="SetFoldersFilesToNotWrite"
                  Property="CmdPath"
                  Value="cmd.exe" />

    <CustomAction Id="RunEcho"
                  Execute="deferred"
                  Impersonate="no"
                  Property="CmdPath"
                  ExeCommand='/c echo "[CustomActionData]"'
                  Return="ignore" />
                  
    <InstallExecuteSequence>
        <Custom Action="SetInstallationDirectory" After="CostFinalize">NOT Installed</Custom>
        <Custom Action="SetFoldersFilesToNotWrite" After="CostFinalize">NOT Installed</Custom>
        <Custom Action="RunEcho" After="InstallFiles">NOT Installed</Custom>
    </InstallExecuteSequence>

Running the produced built installer, the log shows:

MSI (s) (BC:6C) [19:01:42:524]: PROPERTY CHANGE: Adding RunEcho property. Its value is 'c:\InstallerTest\'.
...
MSI (s) (BC:6C) [19:01:53:213]: Executing op: ActionStart(Name=RunEcho,,)
Action 19:01:53: RunEcho. 
MSI (s) (BC:6C) [19:01:53:214]: Executing op: CustomActionSchedule(Action=RunEcho,ActionType=3186,Source=cmd.exe,Target=/c echo "",CustomActionData=c:\InstallerTest\)
...

As you can see in the log, CustomActionData is printed with the correct value of the directory, however the command evaluates to /c echo "" and not /c echo "c:\InstallerTest\".

What is wrong with this code?

Note: I am stuck at WiX v3.14.1