Picture with PNG and JPEG show different transparencies

In Rhino 7 I see that if I place a rendering (not transparent) with “identical” images, one in PNG and one in JPEG then JPEG picture responds much harder on setting the material’s transparency.

0% transparency

25%

50%

75%

90%

I discovered this since I had to replace an image because Rhino’s PDF maker doesn’t have an option to convert images to JPEG’s and with an 8K png the PDF became 56MB.

Side note:
And I managed to crash Rhino by manully replacing the image by swapping out .png with .jpg here, but I can not duplicate that now since the jpeg is already inserted.

JPEG is limited to 8 bits per channel (some cameras can export RAW in 12 or 14 bits per channel but that an exception). If the PNG has greater bit depth, perhaps the difference is related to bit depth?