.visualEffect with @Observable works only once

In my test app I have two squares (red and green) that change their size when I click a toggle button. I use two different approaches to change the scale. The red square is scaled using the .visualEffect modifier and the green square is scaled using the .scaleEffect modifier. When I click the button the first time, both squares change size. But when I click again and again, only the green square changes its size. The red square stays the same after the first change. Self._printChanges() show that both views get changes each time. What am I doing wrong? Or is this a bug?

import SwiftUI
import Observation

struct ContentView: View {
    @State private var model: Model = Model()
    
    var body: some View {
        VStack {
            HStack {
                RedSquareView()
                GreenSquareView()
            }
            .environment(model)
            
            Button {
                model.scaled.toggle()
            } label: {
                Text("Toggle scale")
            }
        }
        .padding()
    }
}

struct RedSquareView: View {
    @Environment(Model.self) var model
    
    var body: some View {
        let _ = Self._printChanges()
        Rectangle()
            .fill(Color.red)
            .frame(width: 100, height: 100)
            .visualEffect { content, geometryProxy in
                content.scaleEffect(model.scaled ? 0.5 : 1.0, anchor: .center)
            }
            .animation(.bouncy, value: model.scaled)
    }
}

struct GreenSquareView: View {
    @Environment(Model.self) var model
    
    var body: some View {
        let _ = Self._printChanges()
        Rectangle()
            .fill(Color.green)
            .frame(width: 100, height: 100)
            .scaleEffect(model.scaled ? 0.5 : 1.0, anchor: .center)
            .animation(.bouncy, value: model.scaled)
    }
}

@Observable
final class Model: Sendable {
    var scaled: Bool = false
}

#Preview {
    ContentView()
}