Image not displayed if parent folder listing forbidden (Windows)

[Lumo]

Repro steps:

1. On Windows OS create folder structure "C:\Test\HiddenFolder1\HiddenFolder2\VisibleFolder\image.jpg"
2. Set the access rights /ACLs for the folder "C:\Test\HiddenFolder1\HiddenFolder2": new forbid rule for principal "Everybody" to "List Folder / Read Files", Apply on "Only for this folder"
3. create the same access forbid rule for "C:\Test\HiddenFolder1\"
3. Browse to the image folder ("VisibleFolder") by "knowing" the folder name (enter it in explorer address bar)
4. Double click the file which opens XNView (file extension is registered with XNView)
5. XNView does not show the image, instead shows a black screen and the foldername "C:\Test\" in it's caption, or sometimes says "File does not exist"

Opening the file with other software I tested works as expected (e.g., windows photos, paint, gimp).