Custom icon not showing in 5.1

Simple question - why custom project icon is not showing in taskbar and title of the packaged game? I downloaded a proper .ico file, it appears correctly in target Windows platforms properties, I can see it in Explorer and .exe properties, but not in game.
I searched the forum and found some posts about this problem, and they all were dated years ago and about only some really old UE 4 versions. It seems like the bug was fixed long ago, how it is present in UE 5.1 version?

How do you know if the icon you downloaded is a proper .ico file? Perhaps the .ico file stores more data then required causing issues you are experiencing?

This can be an issue with Windows as well, so I suggest you check on another machine as well.

I created my own .ico file in Photoshop a while back for my game which still runs fine and doesn’t present any issues.

Well, when .ico was wrong I was just not able to load it in editor, it was showing error. Then I found several mentions of https://www.icoconverter.com/ site here and it did the job just fine, .ico converted by this site is accepted by editor and is showing right.
And of course I tried the build on another PC and it’s the same - icon is there in Explorer, and not there in launched game.

I noticed one more thing - the icon is present in GameName.exe in the root of game folder. And not present in UnrealGame-Win64-Shipping.exe in Binaries folder.