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When you invoke "Properties" context menu item from Project explorer, it is full-fledged - it contains all project system properties, such as "exclude from build", compiler options, etc. But when I invoke the item with the same title on the same file in Files Explorer, I can only see file name and modification time. This is inconsistent and inconvenient for user.
Downgraded to P4
It is not a bug. The context is different hence the different context menu. When invoked from a logical folder you can remove it from the folder for instance. That wouldn't make sense to do from File View which displays physical view.