Hello @sysadmin ,
I have tested this on my side and encountered the exact same behavior you described.
The temporary workaround I currently recommend is to return all placeholders in a single response and use the CF_OPERATION_TRANSFER_PLACEHOLDERS_FLAG_DISABLE_ON_DEMAND_POPULATION flag to successfully complete the operation.
Since this actual behavior deviates from the official documentation, I recommend submitting a report via Windows Feedback Hub.
I hope this information helps. If you found this response informative or helpful, please consider following this guide to provide feedback.
Thank you.