CL printing doesn't observe the print variable print-quoted and always
prints #'foo as (function foo).

To reproduce, execute the following code (I used emacs -Q and IELM):

(let ((quoted-stuff '('a #'b `(,c ,@d))))
  (let ((print-quoted t))
    (cl-prin1 quoted-stuff) (terpri)
    (prin1 quoted-stuff) (terpri))
  (let ((print-quoted nil))
    (cl-prin1 quoted-stuff) (terpri)
    (prin1 quoted-stuff) (terpri)))

Results:
('a (function b) `(,c ,@d))
('a #'b `(,c ,@d))
('a (function b) `(,c ,@d))
((quote a) (function b) (\` ((\, c) (\,@ d))))

I expect cl-prin1 and prin1 to do the same thing in this example.

Here's a patch to make cl-prin1 behave like prin1: