Web v2 connection with Service Principal authenticated successfully but won't appear in semantic mod

I have a Power BI semantic model that uses Web.Contents in M to query the Microsoft Business Central cloud API. I need unattended scheduled refresh using a Service Principal.

I created a Cloud Web v2 connection with Service Principal authentication against https://api.businesscentral.dynamics.com/. The connection authenticates successfully.

However, when I go to the semantic model settings to map data sources, the Web v2 connection does not appear in the dropdown for any of the detected data sources.

My understanding is that Web.Contents in M publishes as a Web v1 data source type in the service, which would explain why the Web v2 connection is not offered as a match — but I'm not sure if that's correct, or if there's a configuration step I'm missing.

Note on the Business Central connector:
I'm aware of the dedicated BC connector but it is not practical for this scenario. The report queries approximately 50 companies dynamically across multiple BC environments. Using the BC connector would require a separate, manually maintained query per company, which is not maintainable at that scale. Web.Contents with a dynamic company list is the only viable approach here.

Question:
Is it possible to use a Web v2 connection with a Web.Contents-based semantic model? If so, what is required on the M query side or connection configuration side to make it map correctly?

Query sample:

let
Source = Json.Document(Web.Contents(
"https://api.businesscentral.dynamics.com",
[
RelativePath = "/v2.0/TENANT_ID/ENV_NAME/api/PATH/powerBI/v1.0/companies(COMPANY_ID)/businessUnits",
Headers = [Accept = "application/json"]
]
)),
Data = Source[value],
businessUnits_table = Table.FromRecords(Data),
FinalColumns = Table.SelectColumns(businessUnits_table, {"systemId", "code", "name", "currencyCode", "environmentName", "bcApiUrl"})
in
FinalColumns