Views output field as a custom link options all ignored if path is routed

When outputting a field as a custom link, transform case doesn't seem to have any effect.

• To replicate create a new block view as a unformatted list and fields.
• Add 'Content:Title' field and select 'Formatter' as 'Plain text'.
• Select 'Rewrite Results', check 'Output this field as a custom link' and add 'category/{{ title }}' in 'Link path' field.
• Check 'Replace spaces with dashes'.
• Select 'Lower case' under 'Transform the case'.

Expected output: 'category/content-title'

Actual output: 'category/Content-Title'