Channel packed images should not have their RGB affected by alpha. rendering in Cycles and Eevee was fine already, but displaying these was not right in the Image and Node editors. Not 100% sure what to do for the "Color and Alpha" mode, but I guess this should stay like it was before (applying the alpha). "Color", "R", "G", and "B" modes were changed to not have color be affected by alpha though. ref. T89034 Maniphest Tasks: T89034 Differential Revision: https://developer.blender.org/D11871