I'm pretty sure I can confirm the following:
1. The issue with Mingw was a missing include file (shellscalingapi.h) from a Windows API needed for High DPI. BTW: The Mingw compiler that is delivered with EiffelStudio 24.05 seems to be from 2010!
Maybe a newer version includes support for this Windows API and probably also fixes (e.g. security related)?
2. Changing the above mentioned #ifdef statement in a way that compiling with the Microsoft compiler creates the same code that Mingw creates also results in the same UI as with Mingw. I compiled EiffelStudio with this change and it then looks much better in a High DPI resolution. Its About dialog reports Monitor DPI = 96. See DPI96.png screenshot from my first post.
This also means that a setting could be introduced to switch on/off High-DPI handling for Microsoft compiler (e.g. with an environment variables).
Thomas Beale, if you want to try it yourself: Change all five occurrences of _MSC_VER with something different (e.g. _MSC_VER_) in class WEL_SCALING_EXTERNALS (from the WEL library), recompile your application and its UI should always look the same (compiled with Microsoft or Mingw compiler).
I will look deeper into this because I'm very interested in UI related issues. But maybe group eiffelstudio-dev is a better place for more technical discussions about this topic so I will move there if I have more results.
Thomas