This issue occurs for me in all the ways I access Evernote:
Evernote v10.3.7 build 2018 public / Editor v111.0.14414 / Service v1.22.6 app on a Windows Surface Book 2 laptop running Windows 10 Pro Version 1909
Evernote web interface in Chrome Version 87.0.4280.66 Official Build 640bit on a Windows Surface Book 2 laptop running Windows 10 Pro Version 1909
Evernote web interface in Chrome app on Google Pixel 3a phone running Android Version 11
Evernote app on Google Pixel 3a phone running Android Version 11
In the same PNG note, I added 2 text annotations using the Evernote editor: one that says "Test" and the other that says "MBC R&D Ideas". When I search my notes for "Test", Evernote is able to find the text annotation that says "Test". However, when I search my notes for "MBC", "R&D", "R&D Ideas", or "Ideas", Evernote is not able to find any notes with that text.
I assumed Evernote would be able to find any text added with the annotation function in the editor, but it looks like that is not the case.
Any tips for how to maximize searchability is greatly appreciated.