Update:

I sent an email to Logitech about the problem on June 21 and while their reply on June 26 did not address the problem specifically or if it had been solved, they did offer to replace the remote. The new remote arrived yesterday, July 3.

Hopefully the new text will last longer, but I have nothing but optimism to support that hope.

Here's a photo of what the Transport button label text on the original remote looks like today (about two weeks later than the first photo) -- it continues to disappear ...