Observer clocks seem to have two different clock speeds depending on how they are created? This can be replicated by having a piston create an observer clock that powers a dropper. Then, remove on of the observers and replace it. The latter clock will clock at a slower speed. The former will keep up with 2 hopper lines, the latter will not.
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works as intended imo.
when the observer is pushed/pulled by the piston generates an extra update into the clock, but placing the observer doesn't.
it is consistent with redstone mechanics.

This is intended behavior and removing it would eliminate a lot of useful redstone functionality. Not a bug.

Not a bug.

Can confirm in 1.17.1, but I also think this might not be a bug.
I cannot reproduce this in 24w34a. No matter which is placed first, the dispenser speed is the same. Please verify that you can reproduce this in the latest snapshot, and if you can, attach a video with updated steps to reproduce it.