When you join to a view, the view sticks together, as if they were all in parentheses. But when you substitute the text of a view into another query, then they are all on the same level and can be parsed differently.
Consider the difference between "1+1 * 3", and "(1+1) * 3"
I thought from_collapse_limit being high enough meant that it will get re-written and inlined into the same level. To extend your metaphor, that it would be 1 * 3 + 1 * 3.