It's this very confusion that 'told' me to detail how it works in my book: starting in late 1972.
Here's what Honda did:
Up thru the 1972 CB750K2 bikes, there was just one 15A glass fuse that powered the whole bike, of a now-gone automotive ("SFA") type fuse.
The US DOT started leaning on Honda and Suzuki (first) to "protect the wiring better on these motorcycles to prevent gasoline fires in crashes" (like there was some sort of trouble? None we saw...).
So...
in 1973 the 750K3 Honda got a new wiring system that had a separate fuse for the headlamp and taillight and a 'safety system' to prevent the starter from working if the bike was in gear unless the clutch was also pulled in, or unless the transmission was in Neutral. The very first 750K3 models also had a sidestand switch that required the sidestand be UP to enable the electric starter - but this sidestand feature disappeared in a couple of weeks, and wiring diagrams for them are almost nonexistent today. These systems have a largish "Safety Module" under the left side cover, with a Red plug connector that requires matching wire harnesses to also have that Red receptacle. This was the "2nd generation" wiring systems (but we'll ignore that it was really the 3rd one, as the K0 was different from the K1, too, but no one sells the K0 harness anymore). These bikes have 3 fuses in their fuseholders, a 15A main (that powers everything) which feeds power to the Headlight all the time, interrupted by the [new] START button when it is pressed (the headlight goes OFF during electric START cycle). The HEADLIGHT fuse (7 amps) powers that START button. If someone installs a hi-powered headlight it can melt the START button a little bit, and then this feature has to be bypassed (or another START switch melted later), which often happens: this leaves the headlight (and taillight) ON all the time when running. The 3rd 5A fuse powers the taillight, either receiving its power via the same 15A main fuse in RUN or from the battery directly when the keyswitch is turned to the PARK notch.
In 1975 (late 1974 builds of the bikes) the Safety Module changed to a simple diode and a new wiring harness (again) that was slightly simpler, but still had all the features above. In these (and later) 750s the headlight is always ON when the key is in RUN position. The headlight power still goes thru the main 15A fuse, then thru the START button, then back thru the 7A Headlight fuse, then to the HI/LO switch for the headlight, and to the running lights. The last 5A fuse operates just like in the K3 bikes, running the taillight.
While the keyswitch got more complicated and was moved up into the instruments on the later 750, the wiring was like in the K5.