The DROP TABLE IF EXISTS does appear to be contextual, so it checks if the objects exists within sys.objects rather then the limited sys.tables, so the follow example would fail on the second run -

https://gist.github.com/matt40k/f1793ecc7e20738ebf5c0d7425e2a4ca

-- code start ---

DROP TABLE IF EXISTS dbo.ObjectFormerlyATable;

CREATE TABLE dbo.ObjectFormerlyATable
(

ID INT IDENTITY(1,1) NOT NULL

CONSTRAINT PK_dbo_ObjectFormerlyATable PRIMARY KEY CLUSTERED (ID ASC)

);

INSERT INTO dbo.ObjectFormerlyATable DEFAULT VALUES;

SELECT ID FROM dbo.ObjectFormerlyATable;

DROP TABLE IF EXISTS dbo.ObjectFormerlyATable;
GO

CREATE OR ALTER VIEW dbo.ObjectFormerlyATable
AS
SELECT

ID=1

;
GO

SELECT ID FROM dbo.ObjectFormerlyATable;

--- code end ---

Other examples could be DACPAC failing to deploy as you used PreDeployment to IF EXISTS DROP TABLE, then create the view. The next deployment would result in a failure as it wasn't able to drop the table

Error outputted:
Cannot use DROP TABLE with 'dbo.ObjectFormerlyATable' because 'dbo.ObjectFormerlyATable' is a view. Use DROP VIEW.