Just for general understanding, I don't get it why it's been set once to create an ApplicationUser with username and eMail and on the other hand separately a UserManager, which then sets the password:
var user = new ApplicationUser { UserName = model.Email, Email = model.Email };
var result = await UserManager.CreateAsync(user, model.Password);
Btw: I have just created an empty .NET 4.6.1 Application and try to figure out now the different parts.
The UserManager will hash the password, and save the hashed password in the database.