c++ – Visual Studio always rebuilds from scratch when switching from building via MSBuild vs from Visual Studio

I have a C++ project which I build from within Visual Studio. My problem is if I quit Visual Studio and build the same project from the command line via MSBuild.exe, the project is rebuilt from scratch as if nothing is up to date, even though no changes are made to any file.

I use the same parameters as within Visual Studio (for example Build/Release/X64).
Note that the same rebuild happens if I build from MSBuild.exe and then build from Visual Studio.

Does anyone know what causes MSBuild to believe that everything is not up to date?

I expect that everything should be up to date when switching from where I build, it was like this some years ago (perhaps in Visual Studio 2019).