Is expression evaluated differently in watch window to in the code execution

Question

I have the following code which will check if a List<int> is compatible with type IEnumerable<object>. Covariance does not apply to value types, so this expression should evaluate to false.

public class WatchWindowTests
{
    [Fact]
    public void WhenRun_WillEvalueToFalseInCode_AndTrueInWatchWindow()
    {
        object listOfInts = new List<int>();

        var x = false;

        // This line evaluates to false - covariance does not apply to value types
        if(listOfInts is IEnumerable<object>)
        {
            // This line is never executed
            x = true;
        }

        Assert.False(x);
    }
}

In the code above, the code will not enter the if block, as expected. However, in the watch window, the same expression will evaluate to true. (See image.)

Is there a reason for this, or is there a bug in Visual Studio? (I'm using Visual Studio 2022 17.0.4)