@emcconville's answer have helped me with this transparency implementation:
if [ ! -f ../watermark_template.png ]; then convert -size 511x81 xc:transparent ../watermark_template.png; fi
convert ../watermark_template.png -size 511x81 \
\( xc:transparent -font "Arial" -pointsize 20 -fill black -draw "text 40,35 '$osname $osversion Insider Preview'" -blur 0x1 \) \
-geometry +2+2 -composite \
-font "Arial" -fill white -pointsize 20 -draw "text 40,35 '$osname $osversion Insider Preview'" \
../watermark.png
#- from https://mcmap.net/q/1967312/-how-to-draw-text-and-shadow-it-in-imagemagick
convert ../watermark.png -size 511x81 \
\( xc:transparent -font "Arial" -pointsize 20 -fill black -draw "text 40,60 'Evaluation compilation. Build $osbuild $osbuildcodename'" -blur 0x1 \) \
-geometry +2+2 -composite \
-font "Arial" -fill white -pointsize 20 -draw "text 40,60 'Evaluation compilation. Build $osbuild $osbuildcodename'" \
../watermark.png
convert ../watermark.png -size 511x81 \
\( xc:transparent -font "Arial" -pointsize 16 -fill black -draw "text 180,76 'Build attempt $specialbuildattempt'" -blur 0x1 \) \
-geometry +2+2 -composite \
-font "Arial" -fill white -pointsize 16 -draw "text 180,76 'Build attempt $specialbuildattempt'" \
../watermark.png
Which (locally) results in:
PS: this will vary depending on how variables are declared.
You can put your own custom variables so the image generation become dynamic and can be used programmatically.
Also, this implementation doesn't require, necessarilly, having an existing image to work from.