This behavior was introduced with a security update that was released in August 2014 (see Security Bulletin MS14-045 for details ) and applies to any font file that is not installed in the default font directory.
Although KB article for MS14-045 lists this as a "known issue", it is now documented as expected behavior. See Add or Remove Fonts on MSDN:
A font installed from a location other than the% windir% \ fonts folder cannot be changed during loading in any active session, including session 0. [...]
Persistent fonts remain after reboot and are loaded by all created sessions.
This means that if it is not allowed to restart the computer when updating the font, the font file must be installed in the default font directory. (I believe that has always been a recommended practice anyway.)
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