Hello Hemant,
in case you are using the RGBA8888 color format, the alpha channel is discarded and not used for the display. However, if the target supports several hardware layers (e.g. one layer for GUI and one layer for video) the alpha channel is useful to create transparent areas to show the video or to put the GUI on top of the video layer.
In case you have one hardware layer and the display is connected with RGB565, it is sufficient (and more efficient) to use the RGB565 color format.
Concerning the hardware layout - please compare your hardware with the schematics of the IMXRT1050EVKB. Somewhere must be a difference. If the layout (used hardware pins) are different, please check your setting within the pin_mux.c file.
Can you try the provided example ColorFormats (use RGBA8888 and RGB565) and post a photo in order to see what is the result on your display?
Thanks and best regards,
Manfred.