The issue is not encoding-related. Multi Commander appears to incorrectly handle UTF-16 surrogate pairs (e.g. emoji like 😭).
This leads to broken text measurement and rendering, especially for long filenames. The behavior depending on string length strongly suggests a layout calculation bug.
Additionally, font fallback for emoji (Segoe UI Emoji) does not seem to work correctly, resulting in missing glyphs.
The same filenames render correctly in Windows Explorer and Double Commander, so the issue is specific to Multi Commander.