Rspec Around() Block Behaves Different from a Before() + After()

I'm using the apartment gem to manage a multi-tenant Rails app.

Side Note: If you're unfamiliar with the gem, switching apartments is simply switching the schema used on the Postgres DB back-end. You change apartment tenants with Apartment::Tenant.switch!(apartment)

I have several tests that test behavior under the context of a certain apartment tenant. To do that, I use the below setup (example shown for Controller specs)

RSpec.describe MyController, type: :controller do
  before(:each) do
    # Some global before() setup
  end

  context "foo apartment" do

    ### Option 1 - Using the around() hook
    around(:each) do |example|
      begin
        Apartment::Tenant.switch!("foo")
        example.run
      ensure
        Apartment::Tenant.switch!("public")
      end
    end

    ### Option 2 - Independent before() + after() hooks
    before(:each) { Apartment::Tenant.switch!("foo") }
    after(:each) { Apartment::Tenant.switch!("public") }


    it "tests that the foo apartment is being used" do
      expect(Apartment::Tenant.current).to eq("foo")
    end
  end
end

As you can see, there are two approaches to setting up the test. One uses the around() hook and the other does the same thing, but independently uses the before() and after() hooks.

I'd imagine that both approaches are equivalent and interchangeable. But surprisingly only Option 2 actually works.

Is there a reason for this behavior? Does the around() block run in some different order than the before() block?