Nsight Systems CLI (nsys.exe) Program not found:

I installed NVIDIA Nsight Systems 2021.1.1 on Windows 10, version 20H2.
I added below path to PATH environment variable.

C:\Program Files\NVIDIA Corporation\Nsight Systems 2021.1.1\target-windows-x64\

So that I can launch nsys.exe easily like this.

C:\>nsys --help
 usage: nsys [--version] [--help] <command> [<args>] [application] [<application args>]

And when I try to profile an application, nsys prints out Program not found message.

d:\projects\nvtx_test>nsys profile python demo.py
WARNING: CPU sampling requires administrative privileges, disabling.
WARNING: CPU context switches trace requires administrative privileges, disabling.
WARNING: Backtraces will not be collected because sampling is disabled.
Program not found: python

If I specify [application] with an absolute path, it runs fine.

d:\projects\nvtx_test>nsys profile C:\Users\beru\AppData\Local\Programs\Python\Python38\python.exe demo.py
WARNING: CPU sampling requires administrative privileges, disabling.
WARNING: CPU context switches trace requires administrative privileges, disabling.
WARNING: Backtraces will not be collected because sampling is disabled.
Collecting data...
Processing events...
Saving temporary "C:\Users\beru\AppData\Local\Temp\nsys-report-37a2-1c75-f889-e3df.qdstrm" file to disk...

Creating final output files...
Processing [==============================================================100%]
Saved report file to "C:/Users\beru\AppData\Local\Temp\nsys-report-37a2-1c75-f889-e3df.qdrep"
Report file moved to "d:\projects\nvtx_test\report2.qdrep"

The question is why nsys.exe does not look up PATH environment variable on Windows?
I don’t see the same problem when running nsys on Linux.