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Excerpt for CPT items not rendering

When assigning fields and using the $post$ group with 'Excerpt' from the list, it displays no Excerpt from the post description.

How to fix it

Make sure that your Post Type supports the "Excerpt" feature.
For ACF - Visit ACF -> Post Types -> Advanced Settings -> General and enable "Excerpt". For CPT UI - Visit CPT UI -> Add/Edit Post Types -> Select -> Supports section -> Enable "Excerpt".