According to the OpenWF spec:

WFD_TRANSPARENCY_NONE
cí(císrc, cídst, ?src) = císrc
císrc and ?src represent the premultiplied source color and alpha values

My question is on the displayed result with a non-premultiplied, ARGB (RGB with alpha) source.

At first glance, I assumed that WFD_TRANSPARENCY_NONE would have meant that the RGB channels would go directly to the display without any change and the A channel would be ignored.

But after rethinking this, I believe there should be an alpha effect but no transparency effect on the displayed result. Is this correct?

This would mean that an RGB source with the same RGB content will appear differently.