The page only knew its own input. A build called f4hwn.fusion.bin reports EGZUMER+F4HWN v6.0.0.CN, and with the multi-system release a committed external slot makes the factory bootloader reflash the internal flash from that slot on every power-on -- so the uploaded image never runs and the page keeps naming it. The firmware prints its own banner on USART1; tools/uvk5_banner.py reads it back, /api/firmware returns running: {banner, matches_uploaded, note}, and the page shows what the device reports, flagging it only when the running version is not in the uploaded image at all.
That reader also exposed a regression of my own: _start_stderr_pump had been rewritten to read the pipe in 64 KB chunks, which kept QEMU from blocking but delivered nothing to the log until 64 KB had accumulated -- and the banner is forty bytes, so it never appeared. It reads lines again, still starting before anything waits on QEMU, and test_uvk5_supervisor passes either way.