I am confused by the onChange modifier behaviour inside NavigationStack with single EnvironmentObject.

I created this simple setup:

struct ContentView: View {
    var body: some View {
        NavigationStack {
            FirstView()
        }
        .environmentObject(Model())
    }
}

struct FirstView: View {
    @EnvironmentObject var model: Model
    
    var body: some View {
        VStack {
            Button("Update") {
                model.update(from: Self.self)
            }
            NavigationLink("Next 1") {
                SecondView()
            }
        }
        .onChange(of: model.test) { newValue in
            print("(Self.self).test = (newValue)")
        }
    }
}

struct SecondView: View {
    @EnvironmentObject var model: Model
    
    var body: some View {
        VStack {
            Button("Update") {
                model.update(from: Self.self)
            }
            NavigationLink("Next 2") {
                EndView()
            }
        }
        .onChange(of: model.test) { newValue in
            print("(Self.self).test = (newValue)")
        }
    }
}

struct EndView: View {
    @EnvironmentObject var model: Model
    
    var body: some View {
        VStack {
            Button("Update") {
                model.update(from: Self.self)
            }
            Text("End")
        }
        .onChange(of: model.test) { newValue in
            print("(Self.self).test = (newValue)")
        }
    }
}

class Model: ObservableObject {
    
    @Published var test: String = ""
    
    func update<T>(from _: T.Type) {
        print("(T.self).update()")
        DispatchQueue.main.asyncAfter(deadline: .now() + 1) { [self] in
            test = "(T.self).(Date.now.timeIntervalSince1970)"
        }
    }
}

If I run it, pass through the navigation links and click the Update buttons, I get following logs:

FirstView.update()
FirstView.test = FirstView.1718091409.556666

SecondView.update()
SecondView.test = SecondView.1718091416.5972419
FirstView.test = SecondView.1718091416.5972419

EndView.update()
FirstView.test = EndView.1718091450.701973
EndView.test = EndView.1718091450.701973

This is really strange to me. Why does the onChange fire inside the FirstView, but does not fire inside the SecondView at the same time when update is called from the EndView? Is there any further logic to that? I would expect it to either fire in EndView only or in both of FirstView and SecondView. Also can I rely on this behaviour being consistent across much more complicated navigation & environment setups?

Note:

I am using the deprecated version of onChange because that’s whats supported for my supported version of iOS. I assume that the new one behaves the same way.