It should work... you have use drop shadow for icon labels ticked... Other members can suggest more but I think that is the only condition for the transparent labels.
Right click on desktop -> properties -> Desktop -> customize desktop-> web -> Delete all web pages except "My current home page" -> uncheck My current home page" -> Ok -> Apply -> OK
Complete solution.
Make Desktop Icon and Text Transparent
Right click on desktop -> properties -> Desktop -> customize desktop-> web -> Delete all web pages except "My current home page" -> uncheck My current home page" -> Ok -> Apply -> OK
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