Loading time zones does not work with alter_algorithm INPLACE

set global alter_algorithm= INPLACE;

--exec $MYSQL_TZINFO_TO_SQL std_data/zoneinfo | $MYSQL mysql

ERROR 1845 (0A000) at line 28: ALGORITHM=INPLACE is not supported for this operation. Try ALGORITHM=COPY

mysqltest: At line 2: exec of '/mnt8t/bld/10.4-asan/sql/mysql_tzinfo_to_sql std_data/zoneinfo | /mnt8t/bld/10.4-asan/client//mysql --defaults-file=/mnt8t/bld/10.4-asan/mysql-test/var/my.cnf mysql' failed, error: 256, status: 1, errno: 11

Output from before failure:

set global alter_algorithm= INPLACE;