wp_logout not redirecting using wp_logout_url() and wp_redirect()

The correct method for changing the logout redirect is the logout_redirect filter:

/**
 * Filters the log out redirect URL.
 *
 * @since 4.2.0
 *
 * @param string  $redirect_to           The redirect destination URL.
 * @param string  $requested_redirect_to The requested redirect destination URL passed as a parameter.
 * @param WP_User $user                  The WP_User object for the user that's logging out.
 */
add_filter( 'logout_redirect', function( $redirect_to, $requested_redirect_to, $user ) {
    if ( ! $requested_redirect_to ) { // Don't override the redirect if one was already set in the logout URL
        $redirect = home_url( user_trailingslashit( 'my-account' ) );
    }

    return $redirect;
}, 10, 3 );