The difference here IMO which is totally separate is that the all Ambassador benefits implied apply to in house recognition only.
It’s been clear from the start that the Venetian and its sister property is not an InterContinental hotel nor will it be recognized as one now or in the coming future. It’s its own individual brand cooperating with IHG/PC.
Think of it as an example Planet Hollywood previously allowing redemption of a free night through a W/Hotel promotion.
The brand Planet Hollywood is its own individual brand cooperating in the SPG program and offering full in house benefits.
Again two different brands sharing the same program

The Venetian is a Partner Alliance hotel that can be booked through the IC website and if all goes as promised or well one will able to redeem, earn points and get the regular in house Ambassador benefits as typically expected.
Perhaps and that’s a big perhaps that could change if the partnership is successful and they seek to honor all IC/PC based promotions/vouchers
I think that part is too early to predict and somewhat unlikely having watched these partnership properties that are their own brand within the framework of other similar guest programs.At best I believe we are going to have good redemption,points earned on quailfying stays,stay credit
and the in house recognition that many of us appreciate in the IC family of hotels that really get Ambassador recognition right