Okay, it's opaque, but it seems to work fine. I choose a credit card, and in the next payment screen, Steam has a note saying that funds will be pulled from a PayPal balance if available, and if not, it will draw from the credit card chosen. Verified this was the case after purchase.
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I don't see anyplace where there's an option to choose between "PayPal" and "My PayPal". When I go to pay, there's the dropdown menu where you choose your payment type (includes credit cards, etc.). The only option there is "PayPal" and once you click on that, a screen comes up that has the PayPal link logo that logs you in, where I only have the options to use a credit card on file or open up a PayPal Credit line.
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