I have a couple of keyboard text replacements that I use and they work fine for me in Drafts on the Mac.
I’m assuming from the above path that you have checked, but can you confirm that they are all showing in keyboard settings on the Mac? i.e. have they definitely sync’d?
Do the text replacements work in other apps?
Has it ever worked for you in Drafts, and if it has, have you tried restarting both the Drafts app and the Mac? Also, if it is the case, have you noted anything about when it stopped working?
The Touch Bar is often linked to the action bar. Can you check Drafts > Preferences… > General > Show custom TouchBar in editor (when available)?