Oh boy, this gets complicated :)
The hillshade layer behaves like a 4th layer, which sits between the base layer and the underlay.
So the order is: overlay, base layer, hillshade, underlay.
Although the hillshade map is a raster map, it offers transparency by setting its alpha channel to white.
The transparency slider only affects the topmost layer.
So if you activate a raster overlay map, the transparency slider affects the overlay transparency, thus slightly hiding both the base layer and the hillshade layer.
If you activate a raster underlay map, the transparency slider affects the base layer only (not the hillshade layer).
Ok, Harry, I confess, while writing this, I thought "Gooi dit maar in mijn petje" :))
Kind regards, Rodolfo