Yeah, but I think the "Visible" property is more or less the same thing as "Hide Control/Show Control", and the transparent color is a little different than that.
For instance, if you put a transparent "control" over a functioning control, then the transparent "control" will e.g. intercept all the end-user's mouse clicks, and prevent the end-user from damaging the functioning control with some new setting [for more on that, see
this thread].
I had thought that it might be possible to use a Color Box control in this sort of scenario, but apparently they decided to use the extra eight bits {24, 25, 26, 27, 28, 29, 30, 31} in the U32 for something other than transparency.
Unless maybe there's some special combination of those extra bits that means "transparent". But I guess that's more or less the entire purpose of this thread.