Since I spend a lot of time discussing these questions in my book, may I humbly recommend it for your consideration. It is called, "Caesar's Census, God's Jubilee." https://www.amazon.com/Caesars-Census-Jubilee-Scott-McAndless-ebook/dp/B00FFEXI00/ref=mp_s_a_1_1?crid=3O22XM3ADTDCJ&keywords=caesar%27s+census%2C+god%27s+jubilee&qid=1652227780&sprefix=caesar%27s+census%2C+god%27s+jubilee+%2Caps%2C109&...
I did a lot of work on this question for my book Caesar's Census, God's Jubilee.
There is no question that the idea of Jubilee remained powerful and compelling even, I would argue, into New Testament times. I made the argument that the need for Jubilee was behind the revolt of Judas the Galilean and much of Jesus' popularity as well.
While we cannot prove that the law was ever followed as laid out in Leviticus, there is lots of evidence that it was quite common to resort to similar measures in difficult times. The clearest example in 2nd Temple times is found in Nehemiah 5:1-13 where, in the midst of an economic crisis which has led to the people falling deep into debt, becoming slaves and losing their lands to creditors, Nehemiah demands that the people be given their lands and their freedom back. It doesn't say specifically that the debts would be cancelled but apparently the interest that has been collected, at least, had to be returned. How is that not a Jubilee?
By the way, debt cancellation proclamations were not all that uncommon in the ancient world and there is little doubt that Israel would have used them. The idea that they are not possible is based very much on our modern economic systems. The idea that debt cancellation was impossible was seen very differently in ancient agrarian economies.
The most famous debt cancellation proclamation from the ancient world is one that you have heard of. It was made by King Ptolemy V Epiphanes in 196 BCE. It was inscribed on stones all over his kingdom in three languages, one of which was later found and helped us to decode ancient hieroglyphics. That stone is known as the Rosetta Stone.