Conceptually, overlays and their properties have no association with
surrounding text - at least no such association is mentioned anywhere.
An overlay property - be it a face or a before-string - is associated
with an overlay and nothing else.
Sorry, I don't agree with you.
Moreover, your argument fails to explain the following behavior of
current Emacs: For one and the same zero-length overlay an associated
before-string appears before the after-string.
We're discussing what is right to do, not what the current code does.
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