!ParseEvars can expand xLabel text escape sequences, but it requires they be surrounded with "%". The %[...]% syntax belongs to xLabel.

For example:

!ParseEvars !alert %[time]%
or
!ParseEvars !alert "%[time('h:nn AM/PM - ddd, mmm d, yyyy')]%"
or
!ParseEvars !alert "%[swapAvailable]%"

etc etc