Good question. I think the confusion comes from the fact that C++ uses the keyword ‘const’ for two different concepts depending on the context. These concepts are constant and read-only variables.
When a value of a ‘const’ variable can be calculated during the compilation, it creates a true constant. References to such constant are replaced with its value whenever it is used. That’s why there is no location in the memory that can be changed to affect all places where it is used. It is like using #define.
When value of a ‘const’ variable cannot be calculated during the compilation, it creates a read-only variable. It has a location in the memory that contains a value but compiler enforces a read-only behavior.