"Manage Preferences" links are different, and only one works

If I use a shortcode to make a manage preferences link to allow the mail recipient to select lists, etc. in the Global Footer, it works great. If I use the identical shortcode within the body of the email template, it generates a long but different link and leads to an error page.

I can see the two links sitting above one another in the sent email, and the footer link works while the body link does not.

(These are not test emails which have disabled the unsubscribe or preference links.)

Any insight? Thanks!