Shortcodes not working in an AJAX call

I am using AJAX to load next set of posts on homepage. The posts load fine but the shortcodes are not rendered. I am trying to use the do_shortcode function on the content the ajax call fetches (although experts have suggested not to use do_shortcode) but apparently it is failing.

Here’s my function that processes the request:

function theme_load_more_posts() {
    check_ajax_referer( 'theme-load-more-posts-nonce', 'nonce' );

    $args = isset( $_POST['query'] ) ? array_map( 'esc_attr', $_POST['query'] ) : array();
    $args['post_type'] = isset( $args['post_type'] ) ? esc_attr( $args['post_type'] ) : 'post';
    $args['paged'] = esc_attr( $_POST['page'] );
    $args['post_status'] = 'publish';
    ob_start();
    $loop = new WP_Query( $args );
    if( $loop->have_posts() ): while( $loop->have_posts() ): $loop->the_post();
        get_content_template();
    endwhile; 
    endif;
    $data = ob_get_clean();
    wp_send_json_success( do_shortcode($data) ); // Performing do_shortcode here but it doesn't work.
    wp_reset_postdata();
    wp_die();
}
add_action( 'wp_ajax_theme_load_more_posts', 'theme_load_more_posts' );
add_action( 'wp_ajax_nopriv_theme_load_more_posts', 'theme_load_more_posts' );

The get_content_template() function loads a template file that contains the regular wordpress code for displaying post contents.

I tried using do_shortcode_in_html() on get_content_template() but it doesn’t work either.

I also saw similar threads related to this but they mostly addressed issues with the ajax call itself. I believe my problem lies within this function. Any guesses?