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I can probably build a small reproducer for this if it’s not immediately obvious whether it’s intended behaviour or not

I believe I understand what's going on here - but if you have a repro and could open an issue that would be helpful.  If this issue is what I expect, it may be fixed with <https://github.com/pulumi/pulumi/pull/1578>.  /cc <@UB27BHS4B>.

Yes, that looks like it might be the issue. I’ll put together a minimal repro and open an issue for it.