That is not a wand release. The only wand release is the button marked as such.
The other button you mention is simply to release the very top piece, the wand will still be in the vacuum.
I assume you have unwound the cord and that isn’t your problem?
The next thing to do is to grasp the chrome part of the wand, hold onto the main part of the vacuum and try to twist it slightly.If you have someone else to hold it, so much the better. If it isn’t the cord, in my experience, it is just ever so slightly out of wack where it connects on the bottom. Try twisting one way, then the other and try the release button again.