Providing more details of the issue. Running the rake command for upgrade doesn’t have any visible change to my theme component, but after that the Admin UI thinks that the upgrade has been applied (missed capturing the screenshot).
After a subsequent change in my theme component, the Admin UI is now showing that an upgrade is available, but when applying it I get this warning that my local changes will be overwritten. These changes are exactly what I wanted to apply via the rake install command which didn’t actually apply.
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