When using macros (%base_url%, %site_title%, and %resource(img.png)% … possibly others)
in the Code/Body tab in the settings the macros do not get parsed.
I can’t answer that, I just assumed that they could/should.
My use was in creating a “permanant” footer using EC where some of those macros would be used.
(They also do not work in the “Page Inspector” Code/Body area)
I just wanted to report it in the event that it was something that was overlooked.