While UE-centric cell-free massive MIMO (CF-mMIMO) provides high and uniform throughput performance under the assumption of a uniform propagation environment modeled by the log-distance path loss channel model, the performance under a realistic urban propagation environment is not yet fully addressed. In this paper we conduct the first comparative performance study of CF-mMIMO under both the widely assumed log-distance channel model and the realistic urban propagation environment obtained via raytracing using real 3D city layouts and practical AP locations. Our results show that with the raytracing channel model, CF-mMIMO cannot achieve as high and uniform throughput performance as observed with the log-distance channel model, putting into question the attractiveness in practice of CF-mMIMO for real urban deployments.