For those stumbling across this; it seems LAST_VALUE emulates the same functionality as it does in SQL Server which does not, in most people's minds, have a proper row/range frame for the window. You can adjust it with the below syntax.

I understand last_value emulating what is in my mind a mistake from sql_server but I don't understand why last() (an alias for last_value) has to use the same window row range.

SELECT
    col1
  , col2
  , LAST_VALUE(col2) OVER (PARTITION BY col1 ORDER BY col2 ASC) as column2_last
  , LAST_VALUE(col2) OVER (PARTITION BY col1 ORDER BY col2 ASC ROWS BETWEEN UNBOUNDED PRECEDING AND UNBOUNDED FOLLOWING) as column2_last_unbound
  , FIRST_VALUE(col2) OVER (PARTITION BY col1 ORDER BY col2 ASC) as column2_first
  , FIRST_VALUE(col2) OVER (PARTITION BY col1 ORDER BY col2 DESC) as column2_first_reversed
FROM values
  (1,10), (1,12), (1,11),
  (2,20), (2,21), (2,22);