The Angular/cli will be installed globally, but projects created with it, will contain also a devDependency on it. Assume I have some release branch of some project which uses a certain version of Angular/cli, will the project be effected when I update the globally installed Angular/cli to the latest version? Or will the released project keep using its own specified devDependency version?
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It depends on the working directory from where you call npm and ng. The @angular/cli libraries are installed in the project's local npm_modules. If you call npm or ng from the project's root folder, the local version will be found first. If you call from some other place, the globally installed libraries will be found.
So you may have a local version in your project different from the global one.