The bad behavior is that the alpha channel is displayed in the JPG, here shown as the word "ALPHA".
PSD to JPG in PS:
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magick <input-file>[0] -intent relative -sample -quality 95 -colorspace sRGB -strip
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magick <input-file>[0] -intent relative -sample -quality 95 -colorspace sRGB -strip
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magick <input-file>[0] -alpha off -intent relative -sample -quality 95 -colorspace sRGB -strip <output-file>
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magick Alpha_Example.psd[0] -alpha off -intent relative -quality 95 -colorspace sRGB -strip Alpha_Example.jpg
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magick -define psd:alpha-unblend=off Alpha_Example.psd[0] result.jpg