Running PM 4.5.1 on a Win XP system:
I haven't found any documentation or help regarding "Local IPTC Stationary" vs. "Global IPTC Stationary", so please clarify my assumptions:
"Global" refers to the stationary pad that is opened with the Image menu or the Ctrl-I shortcut.
"Local" refers to the stationary pad that is opened with the IPTC Stationary Pad button on the Ingest dialog, and saved with Ingest snapshots.
Given the above is true...
Bring up the Ingest dialog and check "Apply IPTC Stationary...".
Select "Use Local..." and set some keywords and the caption.
Now select "Use Global.." and set different keywords and caption.
Do an ingest with Global selected.
The stationary pad that is applied is the Local version.
I'm not 100% sure of how this new feature is supposed to work, but it appears the local version of the stationary pad is always applied to ingested photos, regardless of the "Use Global..."/"Use Local..." selection.