Venv: `activate` script changes `$PATH` while executing the binary doesn't

I forgot to mention:

$ which west
/home/jerome/.local/bin/west
$ ls -l /home/jerome/.local/bin/west
lrwxrwxrwx 1 jerome jerome 44 Feb 22  2024 /home/jerome/.local/bin/west -> /home/jerome/.local/pipx/venvs/west/bin/west*

The issue is not about finding the west command by itself, but finding the commands run by west.