From the help file (under /help Control Codes) it says I have tried to get an idea as to what this would look like, but when I try it, either it's not working, or it's returning the same thing as the default settings.
Can someone give me an example of how this should look, since (in theory) transparent shouldn't be the same as the default.

Any further help/clarification on this matter is welcomed.

As far as ive tested this and what i hold to believe is true is that 99 when used as text colour takes default $color(text) if used as background then it takes $color(background).

so in effect:
<cc>99,99 means
colour code $+ $color(text) $+ , $+ $color(background)

which seems like a valid shortcut to me

That's what I was thinking from my own testing. Personally I think it would be more accurate to call it Default, rather than Transparent.

Totally agree