Posts page template does not change at all? WTF am I doing wrong

I am not sure if I am going mad or not, but one of our pages https://www.fairtexbangplee.com/news-and-events/ has a template made for itand the code is exactly the same as our archives.php here https://www.fairtexbangplee.com/fairtex-news/

But when I look at the source code it is not that template assigned to i in the backend.

I have set the https://www.fairtexbangplee.com/news-and-events/ in Settings-> Reading it is set as the Posts page.

Any ideas?