Same here.
I have a phone on 16.3 and another on 16.4, accessing the exact same AR experience. 16.3 properly uses the alpha mask in a HEVC .mov file, but the 16.4 doesn't respect the alpha channel. It's an AR project using tensorflow, webGL backend and I've exhausted all other options, and combinations of file types, ruled out any codec or encoding tag issues, etc.
I also have a phone on the dev preview of 16.5 and it's still an issue there too.