conda update python does not update, but conda update –all does

I am trying to update my venv.
This is what I see

(base_test) > conda update python
Collecting package metadata (current_repodata.json): done
Solving environment: done


==> WARNING: A newer version of conda exists. <==
  current version: 4.10.3
  latest version: 24.7.1

Please update conda by running

    $ conda update -n base -c defaults conda



# All requested packages already installed.

(base_test) > python
Python 3.7.5 (default, Oct 31 2019, 15:18:51) [MSC v.1916 64 bit (AMD64)] :: Anaconda, Inc. on win32
Type "help", "copyright", "credits" or "license" for more information.
>>> exit()

(base_test) > python -V
Python 3.7.5

(base_test) > conda update --all
Collecting package metadata (current_repodata.json): done
Solving environment: done


==> WARNING: A newer version of conda exists. <==
  current version: 4.10.3
  latest version: 24.7.1

Please update conda by running

    $ conda update -n base -c defaults conda
...
The following packages will be UPDATED:
...
  python                                   3.7.5-h8c8aaf0_0 --> 3.7.16-h6244533_0
...

Why would updating only python not update to 3.7.16, while updating --all would?

PS: I cannot currently update conda due to this.

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