For the case where the structure constructor is used: no finalization should happen here at all, because use of the structure constructor is not one of the trigger cases.
For the case where a function overloads the structure constructor, the following text from the standard applies, I think:
F2018 / 7.5.6.3 when finalization occurs
…
If an executable construct references a nonpointer function, the result is finalized after execution of the innermost executable construct containing the reference.
…
which I take to mean that the finalizer must be executed once the ASSOCIATE block completes.
Regards
Reinhold