We have a reflexive Banach space which is strictly convex. Let $V$ be a vector lattice with a partial ordering and write $V^+ := \{v \in V : v \geq 0\}$ to be the positive cone. Suppose that it is a closed set. We have the projection operator $P\colon V \to V^+$ defined as the closed point in the usual way.
Is it the case that $P(v) = \sup(0,v)$? Does the projection agree with the lattice structure?
No, not necessarily. Equip $V = \Bbb{R}^2$ with the partial order $$(a, b) \le (c, d) \iff (a \le c \text{ and } a + b \le c + d).$$ Then, $$V^+ = \{(x, y) \in \Bbb{R}^2 : x \ge 0 \text{ and } x + y \ge 0\}.$$ Consider the point $(1, -2)$. Note that $(x, y) \ge (1, -2)$ and $(x, y) \ge (0, 0)$ if and only if $x \ge 0$, $x \ge 1$, $x + y \ge -1$ and $x + y \ge 0$. Together, this simplifies to $x \ge 1$ and $x + y \ge 0$, i.e. $(x, y) \ge (1, -1)$. Thus, $(1, -1)$ is the positive part of $(1, -2)$.
But, $(1, -1)$ is not the projection of $(1, -2)$ onto $V^+$; if it were, then the horizontal line line $y = -1$ would be tangent to the cone $V^+$ at the point $(1, -2)$, which is quite clearly not the case.