@loistom
To use “Account Activation Email”, we need to configure one more step.
Go to Ultimate Member -> User Roles -> Select the role (Subscriber, Editor, Author, …) -> Click Edit-> Go to Registration Options -> Change the “Registration Status” to “Require Email Activation” -> Update Role.
I also have the same problem. I’m using UM plugin for user registration. Other emails such as Account Welcome Email, Account Deactivated Email and Account Deleted Email work properly. But Account Activation Email does not send to user.