If you have the full app already install, the Local Experience will open the full app, just like a Universal Link would.
But it has a few artifacts I noticed:-
If the App Clip has an Advanced Experience which which is not the exact of the Local Experience, it will show the Advanced Experience in App Store
and not the Local Experience. Example:
App Clip has entitlement - liaz.example.com, jonny.begood.com
Advanced Experience is set to: https:// liaz.example.com
Local Experience is set to: https:// liaz.example.com/localtest and jonny.begood.com/localtest
Now: When I scan the QR code (from the native QR code scanner) https:// liaz.example.com/localtest/123 I get the App Store Advanced Experience
When I scan the QR code (from the native QR code scanner) jonny.begood.com/localtest/123 I get the Local Experience
Pay attention to that when you test your Local Experiences!