Is constexpr a “hint” (like inline) or “a binding request” to the compiler?
It is neither. Forget about when it is evaluated. Everything (with a few minor exceptions, notably involving volatile) is evaluated whenever the compiler deems it necessary to produce the behaviour of the C++ abstract machine. There isn't much else to say about when things are evaluated.
The compiler is free to produce code that evaluates what would be constant expressions at runtime if that doesn't produce a different behaviour. It is free to produce code that evaluates things not marked constexpr at compile-time if it has the smarts.
If not about compile-time vs runtime, what is constexpr about, then?
constexpr allows things to be treated as constant expressions. Anything marked constexpr must have the possibility of producing a constant expression in some way.
In the case of functions, they can be able to produce constant expressions with some arguments but not others. But as long as there is some set of arguments that can result in a constant expression, a function can be marked constexpr. If such a set of arguments is used in a function call, that expression is a constant expression. Does that mean it is evaluated at compile-time? See above. It's evaluated when the compiler deems appropriate. The only thing it means is that you can use it in a context requiring a constant expression.
For variables, either they are constant expressions or not. They have no arguments, so if constexpr they always have to be initialised with constant expressions.
TL;DR: constexpr is about tagging things as being usable in constant expressions, not about deciding when to evaluate them.
With that out of the way, it appears your function template is ill-formed. There is no set of arguments that could result in a constant expression. The standard doesn't require a diagnostic for this, though.
T.inlineisn't a hint either.inlinedoes) are a mandated behaviour change (at least in C++ which is what I was referring to in my original comment).