There are at least two problems with
It does not use LOAD_WITH_ALTERED_SEARCH_PATH, which seems to be used everywhere in CPython to ensure dependent DLLs in the same directory are found. Prevents using wheels with additional DLLs, like the gohlke numpy ones, since we also have no standard place to put those DLLs.
It is mapped to
LoadLibraryAwhich precludes using unicode file names
Edit: here is the LoadLibraryEx documentation