The 4K restoration is an upscale,
That’s what I figured when I skimmed it.
There were many fan made Blu Rays of Song of the South, some might be just a copy of V2. But the one that I am talking about is, as far as I know, a seperate restoration: https://www.songofthesouth.net/news/2020/11/12/song-of-the-south-turns-74-blu-rays-abound/
I wish we had access to this blu.