In a Button or Rule Action that updates multiple fields, the new value of an updated field is not used by subsequent field-updates in the action that reference the first field.
Below, the “Path” field is updated by the formula, but the subsequent “URL” formula gets the OLD value of “Path”.
I haven’t actually tried this specific case, but my assumption was you could add another Action section for the URL update you have applied here. So, click “Add Action” at the very bottom of that panel, and move the URL update to it. I think this is so that you can choose to leverage either only the original data, or you can apply a series of updates that rely on each other.
That works 
I would have expected to have something like [Step 2 Page] available too - but I haven’t tried it.
