Tried this AM and does not seem to work. Before I start digging into this, is it really supported?
Let me answer my own question: YES, Merge syntax is supported.
I was using an Query Models action for all my models and the dependency was not being honored. So I moved the dependency model into a separate Query Model action and it worked as desired.
Awesome.
Merge syntax is absolutely supported for the “Value” attribute of the “Activate & Set Value of Model Condition” action.