You put a variable inside an email token and when the email was sent, the variable rendered as text rather than as a link:
Should expand to:
With the various tokens populated
Instead it expands to this:
Essentially, email template variables are used at design time to make building out an email easier. Tokens are used at send time to make data variable per program without having to edit the asset or lead.
Putting email template variables inside tokens won't work for this reason. It is just how the current design works and you will not be able to put email template tokens inside my tokens or lead tokens.
Unwrapping variables before you put them within the token will allow them to function properly. This removes the simplicity of the variable, but retains the functionality.