Inspired by this question, which I realized I couldn't answer (because model theory and me don't get along).
I've made a few edits to (hopefully constructively) tighten the question a bit.
If for theories $T,T'$ it happens that $T\vdash Con(T')$, what does this really tell me about models of $T$ with respect to $T'$? Does it tell us that every model of $T$ has a definable substructure that's a model of $T'$, or is it more subtle? Or is it even interesting from a model theoretic standpoint (i.e. is the proof theoretic relationship between $T$ and $T'$ generally the only interesting one)?
I would like to assume $T$ and $T'$ can both yield PA by default, but I would be interested if anything general can be said about weaker theories.
It is not literally true that if $T \vdash \operatorname{Con}(T')$ then every model of $T$ has a definable substructure that satisfies $T'$. For example, $T'$ might not even be in the same language as $T$, in which case no substructure of a model of $T$ can possibly satisfy $T'$.
For example, PA proves the consistency of a theory of second-order arithmetic known as $\mathsf{RCA}_0$. Now the language for $\mathsf{RCA}_0$ includes a relation symbol $\in$ that is not in the language of PA, so no substructure of PA can satisfy $\mathsf{RCA}_0$.
Similarly, PA + Con(ZFC) proves Con(ZFC), but no model of PA has a substructure that satisfies ZFC.
It is true, however, that every model of PA intereprts a model of $\mathsf{RCA}_0$. But every model of PA interprets a stronger theory of second-order arithmetic, $\mathsf{ACA}_0$, which is equiconsistent with PA. So it is also not true that $T \vdash \operatorname{Con}(T')$ is equivalent to saying that $T$ interprets $T'$.
If every model of $T$ has a definable substructure satisfying $T'$ (or, in fact, any substructure satisfying $T'$), that only shows that Con($T$) implies Con($T'$).