How exactly is the current sensing working here? I understand that U4A sets the current reference (CREF) which is the reference for the current error amplifier U4B, but I'm not understanding how this is all tying together. U4B has one input tied to the center tap (+S) and the other input to a node with CREF and R27/R34 divider. How does this work? I was expecting to see something similar to the first screenshot in my OP.
CREF isn't like it sounds; a stable reference. It moves according to the front panel current setting knob R19 by -1.00V per 0.25A set (eg. at 0.25A setting it's -1.00V, at 0.50A it's -2.00V, ... at 1.00A it's -4.00V, at 1.5A it's -6.00V).
The R27+R34 (6.8R, 681K) divider is so lop-sided (10 ppm) that the center node is effectively tied to TP3 (left side of R2).
CREF is scaled down by 4.76% via R23+R24 (2.5K, 50K) divider. So if the current setting calls for 1A, CREF would be -4.00V, we then multiply by 4.76% to get -0.19V at the -in of U4B (when no load on output).
As the load draws current, there is a voltage drop over R2. This causes the U4B -in node to creep toward 0V until -in > +in when the output of U4B flips to -12V which turns on Q2 which then shuts off the series pass transistors..
Note: values for R2,R22,R23,R27,R34 are specified for the E3611A; other models use different values.
What's the purpose of JP1/JP2?
In the E3610A (max out at 15V) and E3611A (max out at 35V) models, JP2 is jumpered, and JP1 is open.
In the E3612A (max out at 120V) JP2 is open, and JP1 is jumpered.
The jumpers decide to set the voltage comparison point after the shunt (E3610A, E3611A) vs before the shunt (E3612A). Normally, the voltage comparison feedback is from the output terminals (after the shunt). But given the shunt value (R2=1.78R for the E3612A) at its max current of 0.25A, that's only 445mV difference in voltage (no load vs max load). That's effectively "in the weeds" at 120V. I guess they did that so any fluctuating current doesn't mess with the voltage regulation which is harder to do at high output voltages.