Welcome to Microsoft Q&A!
Thanks for your report. And Microsoft has updated the official documentation: https://learn.microsoft.com/en-us/windows/win32/api/cfapi/ne-cfapi-cf_placeholder_management_policy
If the answer is the right solution, please click "Accept Answer" and kindly upvote it. If you have extra questions about this answer, please click "Comment".
Note: Please follow the steps in our documentation to enable e-mail notifications if you want to receive the related email notification for this thread.