Perhaps I'm blind, but I just don't see how this all should be the case
at the same time. Could you please give a concrete example of such a
situation?

Imagine these sincere preferences.  (I'm just "telling a story" here, these preferences are not part of the "real" example.)

49% C>>B>A

12% B>C>>A
12% B>>A>C

13% A>B>>C
14% A>>B>C

A simple linear political spectrum, with B as the centrist, and the Condorcet winner.  Now, imagine many of the CBA voters have strategically upranked A (with some of them approving A as well) in order to create a cycle.  Here is the "concrete example":

10% C>>B>A  (the "honest" ones)
23% C>>A>B
18% C>A>>B
12% B>C>>A
12% B>>A>C
17% A>B>>C
10% A>>B>C

B>C  41% approval
C>A  61% approval
A>B 45% approval

Now, imagine you are in the 17% A>B>>C faction, and you are aware of the situation.  The only way you can prevent C from winning is by insincerely disapproving of A.

10% C>>B>A
23% C>>A>B
18% C>A>>B
12% B>C>>A
24% B>>A>C (including 12% insincerely disapproving of A)
5% A>B>>C  (the "honest" ones)
10% A>>B>C

Now A's approval (33%) is lower than B's (41%), which allows B to win the election.

There is a rather large set of situations where this can occur.  I constructed this one to be what I saw as a plausible situation where insincere order-reversal and disapproval was clearly a superior strategy.

In winning votes, the ABC faction can simply equal-rank.  At this point I'm fairly convinced that measuring defeat strength by winning votes more reliably avoids the need for favorite betrayal, compared to measuring by winner's approval.
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