Exclude specific image from being SMUSHED when bulk smush job runs

Hi,

Is it somehow possible to exclude a/some specific images from being SMUSHED by the service when we use the BULK SMUSH feature ?

The issue that we are facing is such that, we apply a watermark on the uploaded image using a transparent PNG file.

So, when the BULK SMUSH the images, the feature also smushes the Transparent PNG file that we use to watermark and the transparent section of the PNG becomes black, and then this smushed PNG with black background gets used as the watermark image.

Is there any hook or filter using which we can exclude the image from being smushed ? or any other way we can restrict that PNG's transparency being converted into BLACK ?

Please find the attached image that we use as watermark and also the output when it gets smushed and then gets applied to the image.

Any help will be highly appreciated.

Thanks & Regards,
Pushpak