Not seeing performance gains using wmode=direct

I am using Flash Player to stream 1080p HLS video. When I change the wmode from opaque to direct, I would expect to see my dropped frame count lower and my CPU usage drop. However, the only platform I can see a noticeable improvement is Chrome/Mac. I do have HTML controls overlaid on top of the video which I realize causes problems in Firefox/Win and IE<=11.

Any thoughts on why I would not see more performance improvements from setting wmode to direct?