princess raised her knife and slashed at Jiang Li,Xiao Heng and Shen Yurong stood in front of Ah Li

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📺【墨雨云间 TheDouble】缺乏自信、无人关注的现代学渣少女黎萌萌（李子璇饰），一脚踏空误入陌生时空--祁国，变成一名神使，现代成绩吊车尾的她在祁国成功逆袭，成为年轻的腹黑皇帝祁炎（陈靖可饰）的导师，两人默契搭档，合力搞事业。
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[@phatasm6351]

Chancellor Jiang at this point already knew she is XFF and not Jiang Li.
The reason why Chancellor Jiang also refuses to expose her is because he'll be wide open for attacks from all corner. Don't forget, the Jiang family's biggest enemy is Li family. Li family has already pledged their loyalty to Prince Cheng. And by extension, if Prince Cheng successfully manages to get rid of the current Emperor, he won't necessarily have mercy for the Jiang family because Chancellor Jiang was a friend to the late Emperor and the current Emperor's teacher.
This is the biggest risk that Chancellor Jiang can't afford to make. Furthermore, this Jiang Li imposter has brought fame and glory for the Jiang Family. She came in first in the school competition and won the bet that Li's Family 2nd son should drop out and become a monk (a huge blow to Li Zhengnan's pride and a massive victory for Jiang family). She successfully overturned XHY's case and proved that he's innoncent something which Chancellor Jiang has admitted even he can't do ½ the things that the imposter Jiang Li has done. Imposter Jiang Li has helped the Jiang family to have a stable political foothold and have brought good reputation for the family amongst the social classes. Agreeing that she's an imposter is akin to shooting your own foot which is something Chancellor Jiang has to avoid.
So Chancellor Jiang's mindset is 將錯就錯下去 because this is too big of a gamble to lose at this point in time.