In the visibility settings for Sprite2D, it was previously possible to adjust the transparency, but this is no longer available.
When the A value is set between 0 and 1, it results in 100% transparency.
When the A value is 2 or higher, it results in 100% opacity (no transparency at all).
I don’t recall making any specific configuration changes, but could this have been altered due to a version update?
Although no changes were made in the version update,
is the parent material’s “Use” option turned off?
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As you pointed out, “Use Parent Material” was enabled. I apologize. It has been resolved.