P.S. Also note that my Gpg4win 3.1.16 installation status is still last T5593 described one.

That's correct - The output needs to be percent escaped.

Hello again Werner,

because of your comment inside T5625 about Unicode characters I have reported I can also tell you that also I discovered another secondary effect that impacted same CMD window where I ran all commands documented above.
After some time I left same CMD window inactive (I mean in background but not minimized, simply behind other windows I was using) I decided to run 'mode con' and this was enough to make the windows close immediately but without any error message or real dump creation.

So I just tried to reproduce same issue again in a new CMD window and even if this time it didn't closed but anyway here is what I found (in textual representation 1st, then another bitmap will follow too. Please also note that if see any characters missing from textual side is just dued to font differences while copying charecters among CMD window and this system using 'Segoe UI' Unicode font, while I assume the fact that this time the CMD window didn't self-closed might probably be dued to 1st 'mode con' command I ran that may have probably initialized some internal data structures that 2nd execution of same command also accessed and properly used to point out some differences existing among 1st run and 2nd run, where for instance 'Velocità di ripetizione' (corresponding to 'KeyboardSpeed' registry value inside HKEY_CURRENT_USER\Control Panel\Keyboard key) has disappeared and resulting code page changed too (I never thought that number really even existed and it's also not listed among those officially supported by 'mode <Device> codepage select=<YYY>' command according to MS Windows Command Reference help file that I have and I often use as reference and that I've excerpted in section B) below, and that might even also possibly mean there might have been a switch to displaying UNICODE text rather than some kind of other data corruption around, but that probably only happened in the past when the CMD closed itself) :

A)
29/09 0.34.41 C:\Users\'<myAlias>'>mode con

Stato del dispositivo CON:

Linee:                9900
Colonne:              80
Velocit… ripetizione: 31
Ritardo:              1
Tabella codici:       850

29/09 0.34.46 C:\Users\'<myAlias>'>man
"man" non Š riconosciuto come comando interno o esterno,
un programma eseguibile o un file batch.

29/09 0.34.54 C:\Users\'<myAlias>'>gpgconf --list-dirs
sysconfdir:C%3a\ProgramData\GNU\etc\gnupg
bindir:C%3a\Program Files (x86)\GnuPG\bin
libexecdir:C%3a\Program Files (x86)\GnuPG\bin
libdir:C%3a\Program Files (x86)\GnuPG\lib\gnupg
datadir:C%3a\Program Files (x86)\GnuPG\share\gnupg
localedir:C%3a\Program Files (x86)\GnuPG\share\locale
socketdir:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg
dirmngr-socket:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg\S.dirmngr
agent-ssh-socket:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg\S.gpg-agent.ssh
agent-extra-socket:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg\S.gpg-agent.extra
agent-browser-socket:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg\S.gpg-agent.browser

agent-socket:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg\S.gpg-agent
homedir:C%3a\Users\'<myAlias>'\AppData\Roaming\gnupg

29/09 2.29.07 C:\Users\'<myAlias>'>gpgconf --list-dirs homedir
C:\Users\'<myAlias>'\AppData\Roaming\gnupg

29/09 2.29.14 C:\Users\RobMer>mode con

Stato del dispositivo CON:

Linee:                9900
Colonne:              80
Ritardo:              1
Tabella codici:       65001

29/09 2.29.19 C:\Users\RobMer>

B)

Parameters
Parameter Description
<Device>
Required. Specifies the device for which you want to select a code page. CON is the only valid name for a device.

codepage select=
Required. Specifies which code page to use with the specified device. You can abbreviate codepage select as cp sel.

<YYY>
Required. Specifies the number of the code page to select. The following list shows each code page that is supported and its country/region or language.

437: United States

850: Multilingual (Latin I)

852: Slavic (Latin II)

855: Cyrillic (Russian)

857: Turkish

860: Portuguese

861: Icelandic

863: Canadian-French

865: Nordic

866: Russian

869: Modern Greek

codepage
Required. Displays the numbers of the code pages (if any) that are selected for the specified device.

/status
Displays the numbers of the current code pages selected for the specified device. You can abbreviate /status to /sta. Whether or not you specify /status, mode codepage displays the numbers of the code pages that are selected for the specified device.

/?
Displays help at the command prompt.

As I anticipated here's screenshot I also saved.
P.S. Just in case you might wonder why I tried to execute 'man' not existing command is because I also incorrectly tried to run it 2 days ago when after I tested some GnuPG commands in a CMD window, and again same window self-closed with no error messages or any dump creation and again I'm sure at that time I didn't run 'mode con' before those GnuPG commands (I'm unsure which ones but they probably some were the same I also already reported here). Please also note that making 'Stato del dispositivo CON:' so big was unintended and very likely just an effect of cut & paste I did, so now I'll try to see if I can avoid that effect.

OK, effect avoided. Only dued to a big sequence of '-' characters that this bug reporting system interpreted as special control code characters for making font bigger.

Just adding this note for any future reference needs only (or even message localization reference, since involved text characters strings are also expected to be among Italian language localized messages even if involved strings are not specifically being localized).

For better on-screen display of resulting punctuation in each of the 13 currently wrong displayed lines containing '...:C%3a\...' (so 1 correct ':' (colon) and unexpected '%3a' characters instead of 1 more expected & valid ':' (colon) single character) and that (as of now) should have only displayed correctly '...:C:\...' substring for C: drive based directory paths displayed by each line, a ' ' (empty space) character should be inserted among ':' and following (correctly expected) 'C:\' substring so that on-screen resulting characters would be more correctly 'spaced' as per English and Italian grammar punctuation rules just like in following sub-string example with ' ' correctly placed & added in-between the 2 sub-string displayed sections:
'...: C:\...'.

Just tracking my own additional investigation still about past Werner statement "percent escaping is correct and required" when this bug was closed for 1st time.
Also found interesting past references into rG055f8854d3f4 and rGe064c75b08a5 but only this last seems indeed much more specifically directly involved since it really contains related part of code (common/stringhelp.c) directly involved with this bug report for 'percent escaping' ':' (colon) character with '%3a' string even if sometimes, when possibly un-needlingly done, may even provide users unexpected on-screen displayed results like those I documented in this bug.
Problem now is that to really fully understand why on-screen displayed strings by 'gpgconf --list-dirs' correctly show a ':' (colon) correctly expected character near an unexpected (by end users) '%3a' (percent escaped) string that should just have corresponded with another simple (& user correctly expected) ':' colon character I can only really see to 2 options:
A) reopening this bug once again :-S ;
B) simply opening a new separate one asking for some additional explanations and maybe even to consider some future slight code changes to (at least for Windows OSes) ensure 'gpgconf --list-dirs' directory displayed paths results are more UI consistent with 'gpgconf --list-dirs homedir' or 'gpgconf --list-dirs sysconfdir' displayed ones where displayed C:\... paths always correctly display ':' (colon) instead of '%3a'.
So far this last seems me best viable option also because in same rGe064c75b08a5 I also saw another piece of code (tools/gpgconf-comp.c) with some similar code lines, that apparently (it seems me) if directly referenced (at least only for Windows OSes only, so maybe when a system variable %OS%==Windows_NT exists) instead of current one (common/stringhelp.c) also providing '%3a' 'percent escaping' results, might then have probably also easily avoided '%3a' user unexpected on-screen displayed results only depending by 'percent escaping'.

Just adding this note because a next step I'm also evaluating in my current T5593 configuration status it to temporarily create a new Gpg4win 3.1.16 hybrid configuration by also adding latest GnuPG v2.2.31 to see if all issues I reported here are still present (which is also quite probable).
Also because of T5593 it would just be quite interesting to see if GnuPG v2.2.31 too might experience same T5593 path related error.