Importing transparent texture with RGB data

I am trying to import a PNG texture that has areas of full transparency (alpha 0) but also import the RGB data in these regions. It seems that Unity is somehow compressing the areas that are completely transparent and compromising the RGB data.

I know my texture has been created properly because when I uncheck "Alpha Is Transparency" the RGB channels are imported correctly.

Below is the skin texture rendered with the Unlit Texture shader with "Alpha Is Transparency" checked & unchecked, respectively, using the RGBA 32 format.