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In the framework of time-varying coupling and power-law potentials, we investigate quantum entanglement and quantum Fisher information in a system that consists of a three-level atom interacting with a quantized field. The results illustrate that the quantum entanglement and quantum Fisher information's temporal evolution depend critically on the physical properties of the field and its coupling to the atom. It is noteworthy to notice that the quantifiers are sensitive to the exponent parameter of the potential with and without time-varying coupling. Considerable nonlocal correlation with the accuracy of parameter estimation can be achieved through the proper control of physical parameters.