Hello Chaitanya Athalye
Unfortunately, conditional breakpoints and watchpoints, including those using ignore counts, do not work always.
The suggested workaround according to the release notes is: "do not use conditions for breakpoints and watchpoints, instead check for condition in the code and set a normal breakpoint".
If your device is compatible with MCUXpresso IDE, you could use this IDE to set conditional watchpoints. Conditional watchpoints work well at MCUXpresso.
Regarding the watchpoint configuration, it is well set and applies the same for MCUXpresso
I apologize for the inconvenience this may cause you. If you have more questions do not hesitate to ask me.
Best regards,
Omar