A set of .NET Framework managed libraries for developing graphical user interfaces.
Thanks for the clarification. Since your scenario is on WinForms with .NET Framework, this is a known limitation, not a new issue.
This is addressed here:
https://github.com/dotnet/winforms/issues/10711
As mentioned in that issue, WinForms does not fully support PerMonitorV2 in .NET Framework. The team also noted that PerMonitorV2 support was still being worked on in .NET, which is why this works better there than in .NET Framework.
So the behavior you are seeing — scaling based on the primary monitor, incorrect initial DPI on a secondary monitor, and inconsistent updates when moving between monitors — is in line with that limitation.
If possible, the recommended path is to move to modern .NET, where WinForms DPI support is better.