What happens if you use the Magic Initiate feat on a class besides your own to learn a spell you already know?

Question

If a class that already knows a level 1 spell takes the Magic Initiate feat and learns two cantrips and the same spell from a different class, does that give them a "free" 1/long rest cast of that spell in addition to the casts they could choose to use their spell slots on?

As an example, a level 4 paladin could take Magic Initiate instead of their ASI and choose Bard as the feat's target. They learn Light (cantrip), Blade Ward (cantrip), and Cure Wounds (level 1 bard spell). They already know Cure Wounds from their own class. In theory, they should have three spell slots they can expend to cast Cure Wounds three times, and then one additional cast of Cure Wounds from the feat.

Is this correct?

Answer 1

Gives one additional casting of the spell per long rest.

The feat provides for one casting per long rest at the spell's lowest level. No mention of consuming spell slots, so this casting doesn't.

You learn that spell and can cast it at its lowest level. Once you cast it, you must finish a long rest before you can cast it again using this feat.

Casting it as a feature of their class is different than casting it using the feat. Casting it as a feature of their class does use spell slots.

Spellcasting ability could be different.

Using the feat to select a class with a different spellcasting ability can lead to different spell attack modifiers or spell save DCs depending on whether the spell is cast using their class feature or the feat.

For example, a bard's spellcasting ability is Charisma; if they took the feat and selected druid as the class, the spellcasting ability would be Wisdom for the one casting of that spell per day that they get from the feat.