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Band Stuff: https://navigationofficial.bandcamp.com/album/silhouette-ep
You are correct, it is the second. It's only the F#m that confuses it but it's just a substitution simply for effect. It's nothing complex, just using the A instead of the A#, plus the F#m is very much the passing chord of the main progression.
Band Stuff: https://navigationofficial.bandcamp.com/album/silhouette-ep
Well in reality it could be viewed as key change rather than a substitution, however as someone who has spent a large chunk of my like writing out complex scores and transcribing for large groups I am never keen on seeing and scoring every diversion from atonality as a key change. Rather a brief or passing substitution. Viewing every of key note as a key change adds a complexity to the transcribing which 99.9% was not in the mind of the composer.
If you view it as the (albeit brief and recurring) key change it is, then there is no reason for it not to work.
There are many songs where the IV or V chord is 'minorised' for effect. A lot pieces also use the trick of playing a major IV or V chord and then 'minorising' them. For example - C/// G/// F/// Fm///.
Band Stuff: https://navigationofficial.bandcamp.com/album/silhouette-ep
I: the root, the major 3rd, the perfect 5th.
Vm: the perfect 5th, the flattened 7th, the major 2nd.
IV: the perfect 4th, the major 6th, the octave root.
As BJ says, all the notes of the B mixolydian.
The D# (the major 3rd of the I chord) is also allowed to ring out in the other two chords as well, so the Vm chord is actually F#m add6, and the IV chord is actually Emaj7. That all sets up the strong major 3rd of the subsequent I chord and reinforces that happy major quality despite the flat 7 of the I chord. (Mixolydian doesn't normally sound as happy as Ionian, but having that major 3rd reinforced even in other chords helps - she even sings it on "curse").
Supportact said: [my style is] probably more an accumulation of limitations and bad habits than a 'style'.
Band Stuff: https://navigationofficial.bandcamp.com/album/silhouette-ep