I tried to supply -style fusion (Qt5 style) as first command-line parameter to bitcoin-qt.exe, which leads to the client is not further parsing command-line parameters.
It seems this is causing the problem: https://github.com/bitcoin/bitcoin/blob/master/src/util.cpp#L544
Workaround is to just supply the -style fusion at the end, but IMHO silently ignoring stuff the parser doesn't like is not the right thing to do!?