Reading emojis using WinAPI console functions returns UTF-8 Replacement Character instead

Question

For a project of mine I need to be able to read all possible MBCS UTF-8 codepoints from the Windows console. As it is well known that Windows works internally with wchar_t (UTF-16), I tried an approach to read even the "strangest" Unicode characters, including Greek and Cyrillic letters (works fine), CJK (works fine too), math characters (also works fine). But whenever an emoji or a very special 4-byte length codepoint is inserted into the input function method, the EF BF BD sequence is returned, which stands for "Replacement character" instead of the expected sequence. For example, with the emoji 😀, one would expect the sequence F0 9F 98 80 but instead EF BF BD is returned.

I have tried changing codepages to 65001 and tried using both the old legacy conhost which is known for lacking emoji support and the new Windows terminal which does support emojis.

The code I'm using for getting the input and converting it to its respective hexadecimal MBCS representation is the following:

#include <stdio.h>
#include <windows.h>

int main()
{
    HANDLE hStdin = GetStdHandle(STD_INPUT_HANDLE);
    if (hStdin == INVALID_HANDLE_VALUE)
        return 1;
    unsigned int codepage = GetConsoleOutputCP();

    if (codepage != 65001)
    {
        fprintf(stderr, "[WARNING] Non Unicode codepage found (%u), changing to 65001\n", codepage);
        SetConsoleOutputCP(65001);
        SetConsoleCP(65001);
    }

    DWORD fdwSaveOldMode;
    INPUT_RECORD irInBuf[128];
    DWORD cNumRead, i;
    if (!GetConsoleMode(hStdin, &fdwSaveOldMode))
        return 1;
    SetConsoleMode(hStdin, fdwSaveOldMode & ~ENABLE_MOUSE_INPUT);
    while (1)
    {
        if (!ReadConsoleInput(hStdin, irInBuf, 128, &cNumRead))
            return 1;

        for (i = 0; i < cNumRead; i++)
        {
            switch (irInBuf[i].EventType)
            {
            case KEY_EVENT: // keyboard input
                if (irInBuf[i].Event.KeyEvent.uChar.UnicodeChar && irInBuf[i].Event.KeyEvent.bKeyDown)
                    printf("Press UChar: %03hd\t0x%02x\n", irInBuf[i].Event.KeyEvent.uChar.UnicodeChar, irInBuf[i].Event.KeyEvent.uChar.UnicodeChar & (~0xff00));

                break;
            }
        }
        if (irInBuf[0].Event.KeyEvent.bKeyDown)
            putchar('\n');

        FlushConsoleInputBuffer(hStdin);
    }
    SetConsoleMode(hStdin, fdwSaveOldMode);
}

When running this code, if θ is inserted, it shows its correct multibyte UTF-8 representation, however, once an emoji is inserted, the replacement character gets returned twice.

Output:

Press UChar: 206        0xce
Press UChar: 184        0xb8

Press UChar: 239        0xef
Press UChar: 191        0xbf
Press UChar: 189        0xbd
Press UChar: 239        0xef
Press UChar: 191        0xbf
Press UChar: 189        0xbd