It should read as woodcock mentioned. "Although the execution does not "stop early" fields are not overridden so once an earlier-executed transform has given a field a value, later-executed ones CAN update/overwrite that original value."
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Another thought: in my example, isn't event-id a field extracted at search time? Shouldn't it pick up changes to source and sourcetype , which are made during indexing?
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The problem was a typo in my DEST_KEY field, which is case-sensitive.
Replacing with the following line, everything works.
DEST_KEY = MetaData:Sourcetype
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