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?