Env variables babel plugin not working

SDK Version: 38
Platforms(Android/iOS/web/all): Android/iOS

I am trying to use the babel-plugin-transform-inline-environment-variables to insert env variables into my code but it is not taking effect. This is what my babel.config.js looks like. Which is exactly how the docs say it should

module.exports = function (api) {
  api.cache(true);
  return {
    presets: ['babel-preset-expo'],
    plugins: ['transform-inline-environment-variables'],
  };
};

The env variables are not being inserted into the code.