I just found the answer, at least in my specific situation.
The form I'm dealing with is a top-level MDI container. For some reason, if the icons set to 32-bit color do not correctly interpret these translucent pixels. Installing it on a 24-bit, on a whim, completely solved the problem. I'm not sure that this is some kind of situation that arose as a result of some invisible factor, but changing the color depth fixed my problem.
Also for those who may come here with a similar problem, make sure that the window is not a child of the MDI container. When searching for information, I found that MDI children do not support TransparencyKeys at all.
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