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

But, the documentation says:

Furthermore, all scripts installed in the environment should be runnable without activating it.

My understanding is /home/jerome/.local/pipx/venvs/west/bin/west or sh -c 'source /home/jerome/.local/pipx/venvs/west/bin/activate; west' should give the same result.