In your example you seem to have some keyframes on the jpeg you are masking and some FX applied to it. What kind of FX did you apply and what did you animate? That could be causing the black background.
Since version 19 we can choose checkboard pattern for transparency on the edit page, same as in fusion, but not on other pages, which needs to be addressed. However you can change how the transparency shows in the timeline options. Keep in mind that fusion by default references the clip on timeline, but sources is from media pool, which may result in different source resolution. If timeline and original clip are not of the same resolution. If that happens, and you are not sure how fusion deals with resolution and media, reference the manual for more details.