PictureBox Background Transparency over any control

* .NET Core Version:
.NET SDK 7.0.100-preview.2.22103

* Have you experienced this same bug with .NET Framework?:
Yes

**Problem description:**
It is from a suggestion ticket: https://devdiv.visualstudio.com/DevDiv/_workitems/edit/1469120
I have a PictureBox filled with a .png image (image with Transparent background) and I place this PictureBox over a ListBox and the result is not what I expected. The PictureBox still shows it’s own background or the Forms’s background, it doesn’t allow me to see through the PictureBox, since my image has a transparent background.

**Expected behavior:**
The PictureBox should allow customer to see through the PictureBox, since the image has a transparent background.

**Minimal repro:**
1. Create a winforms .net core project with a pictureBox control added.
2. Click the "Choose Image.." link in SmartTag of PictureBox to add a transparent image to it.
3. Add a ListBox to the form designer, then put PictureBox over this ListBox.
4. Build and run this project.

Or

1. Extract and open following test app:
[TestApp.zip](https://github.com/dotnet/winforms/files/8122281/TestApp.zip)
2. Build and run this project