func new behaves differently for different core tools installs

[jsumners-nr]

1. mkdir some-project && cd some-project
2. echo "{}" > package.json
3. npm i -D azure-functions-core-tools
4. export PATH=./node_modules/.bin:${PATH}
5. func init --worker-runtime node --language javascript --model V4
6. func new => list of 27 possible templates
7. Choose the "HTTP Trigger" template and the generated code will not be at "model V4"

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1. mkdir some-project && cd some-project
2. echo "{}" > package.json
3. brew tap azure/functions && brew install azure-functions-core-tools@4
4. func init --worker-runtime node --language javascript --model V4
5. func new => list of 15 possible templates
6. Choose the "HTTP Trigger" template and the generated code WILL be at "model V4"

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I would expect that either method to result in the same code being generated. What is the difference? In either case, func --version reports "4.0.7030".