Arcpy FieldMappings documentation includes the path to the input table which can be seen in the following string representation as c:\\data\\fgdb.gdb\\south_america:
fieldmappings_string = 'REGION "Region" true true false 21 Text -1 -1,First,#,c:\\data\\fgdb.gdb\\north_america,REGION,-1,-1,c:\\data\\fgdb.gdb\\south_america,REGION2,-1,-1'
In the case of arcpy ExportFeatures both in_features and field_mappings will include path to input table.
arcpy.conversion.ExportFeatures(in_features, out_features,
{where_clause}, {use_field_alias_as_name}, {field_mapping}, {sort_field})
This makes me wonder a few things. What if the input tables between 'in_features' and 'field_mapping' did not match? If they must match, then why doesn't fieldmappings inherit the input path from in_features?
Thank you,
Tyler